I own a business with my father. I own 51% of the shares and he owns 49%. He wants to file for personal bankruptcy due to debts related to the sale of another business (credit card). I would like to know how his personal bankruptcy might affect the business and me personally?
The company will be affected in that your father's shares will become part of the bankruptcy estate. The trustee will try to reach an agreement with the other shareholders to transfer them to them.
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