Quote:
Originally Posted by DanEC
I did some checking too. I don’t think they have formally filed for bankruptcy as nothing recent popped up for the county in Arkansas records but maybe they are working towards it.
We drive by their shop going down to my wife’s hometown nearby. The next time we go I’ll stop and see if any info is posted on their shop doors.
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If there are security interests covering the cool and expensive engine building tools, but minimal or no assets left over to liquidate, and no personal guaranties floating around, then they might not file for bankruptcy at all. You just walk away from it all and your creditors can chase your LLC to their hearts' content. Now, you can argue the morality of that until the Arkansas cows come home, but thems the breaks.
