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Alberta bankruptcy Q&A forum

Question:

 

I am a director in 2 private companies. In one I am a majority shareholder in the other a 10% shareholder. I have been offered a large amount of shares in another private company for my efforts there, but I will not be a director. I invested in the past in a limited partnership in a private company and essentially there is no market for these shares as well. None of the companies shares have ever yielded profit nor income. What happens to these shares if I make a consumer proposal to avoid bankruptcy ? What happens to these shares if I go bankrupt personally. There is essentially no market for the shares. Thanks very much for your help !


From:

 

Grant Thornton Limited

Date:

 

Mar 01, 2016

Answer:

 

Hi Tim, The shares of the companies will need to be valued. If the shares hold no value based on the financial statements then nothing needs to be done and you may keep them in a bankruptcy or consumer proposal. If you had any other concerns with your financial options please do not hesitate to contact our office.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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