What is the name of your state? PA
Hopefully this is an appropriate forum for this question. As an individual, I loaned another individual some money. That other individual is the sole shareholder in a corporation and pledged/escrowed all of their shares as collateral. Well, the loan payments haven't been made and I'd like to go after the corporation's assets. I've retained an attorney and he is reviewing the loan documents, corporate papers, etc. Based on our initial discussion, I get the impression that indeed there is a way we could go after the corporation's assets, but we'd be jumping into a black hole. The corporation could have taken on additional debt, not paid its sales taxes, etc and in the end there may be no assets left over.
It will probably be a little while before my attorney gets back to me, and in the mean time I'd like to learn whatever I can about the possible approaches, potential gotchas, etc. Could anyone shed some light on this subject?
Learning the hard way,
Frank
Hopefully this is an appropriate forum for this question. As an individual, I loaned another individual some money. That other individual is the sole shareholder in a corporation and pledged/escrowed all of their shares as collateral. Well, the loan payments haven't been made and I'd like to go after the corporation's assets. I've retained an attorney and he is reviewing the loan documents, corporate papers, etc. Based on our initial discussion, I get the impression that indeed there is a way we could go after the corporation's assets, but we'd be jumping into a black hole. The corporation could have taken on additional debt, not paid its sales taxes, etc and in the end there may be no assets left over.
It will probably be a little while before my attorney gets back to me, and in the mean time I'd like to learn whatever I can about the possible approaches, potential gotchas, etc. Could anyone shed some light on this subject?
Learning the hard way,
Frank