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Bankruptcy

West Kelowna and Peachland topics.

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Bankruptcy

Postby db54 » Oct 2nd, 2012, 9:12 am

How can a company or individual declare bankruptcy and still belong to the Westbank Yacht Club waiting for a moorage for his boat. What a joke! Screw the honest people that`s for sure!
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Re: bankruptcy

Postby OnTheRoadAgain » Oct 2nd, 2012, 9:25 am

missed the punch line
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Re: bankruptcy

Postby LANDM » Oct 2nd, 2012, 11:29 am

You are getting at something with your post (the OP)
Why not spill the beans now and say what's on your mind.
Otherwise, the answer to your question is:
I guess they have some assets and their priority is their boat and yacht club membership. Maybe this is an indication why they are bankrupt. Bankruptcy does not mean that a person has nothing left. Just that they cannot or choose not to pay their creditors.
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Re: bankruptcy

Postby Captain Awesome » Oct 2nd, 2012, 11:37 am

You can pick and choose what's included in your bankruptcy and what isn't.
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Re: bankruptcy

Postby Symbonite » Oct 2nd, 2012, 1:08 pm

The only way that this could have happened is if that his Company was issued under Corporation and not sole-proprietor. Corporation would be filed bankrupt but protects the owner from any further damage. Under sole-proprietor your liable for everything.

So that means the boat is under his name and not under the corporation.
**Disclaimer: The above statement is in my OPINION only.
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Re: bankruptcy

Postby db54 » Oct 2nd, 2012, 1:26 pm

I quess I thought when you declared bankruptcy you would have to sell a frivolous thing like a boat to pay people you owe money to. I am burned for money paid for a service not provided and because he or they have declared bankruptcy. This is because I am considered an unsecured creditor according to a consumer protection agency.
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Re: bankruptcy

Postby Captain Awesome » Oct 2nd, 2012, 2:25 pm

Are you discussing a story of some sorts? Any link to it?
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Re: bankruptcy

Postby db54 » Oct 2nd, 2012, 2:45 pm

No I`m just venting. I was burned and can`t believe this person, persons company can just walk away from their debts to people. I paid a deposit for a service 10 months ago and was working with a consumer protection agency to get the guy to pay and now I`ve been told he has filed for bankruptcy and as an unsecured creditor I will not fare very well in seeing my money again. I`ve dealt with contractors before and have never had any problem until now. It looks like his wife is starting a new company, they still have their boat and I can`t get my money back. I just don`t get it.
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Re: bankruptcy

Postby ixler8 » Oct 2nd, 2012, 3:05 pm

That is why you set up a Ltd or Inc company so that if you do go bankrupt your personal assets and other companies that you own are not liable . Sorry you go burnt.
Don't worry ,about a thing.
cause, every little thing is gonna be alright.
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Re: bankruptcy

Postby LANDM » Oct 3rd, 2012, 7:55 am

db54 wrote:No I`m just venting. I was burned and can`t believe this person, persons company can just walk away from their debts to people. I paid a deposit for a service 10 months ago and was working with a consumer protection agency to get the guy to pay and now I`ve been told he has filed for bankruptcy and as an unsecured creditor I will not fare very well in seeing my money again. I`ve dealt with contractors before and have never had any problem until now. It looks like his wife is starting a new company, they still have their boat and I can`t get my money back. I just don`t get it.

As the previous poster explained, that is why they set up the company.
Legally, you did not deal with the person you are referring to. A company is, legally, a person. I presume your dealings are/were with the company, even though the boat people were the names and faces of said company.
If there wasn't a limited company (you are unclear as you bounce between referring to a company and then she/he), then there is a fixed amount of money in the personal pot and the secured creditors get paid first. They may have the boat in another name.

Some people have this as a strategy in their business dealings and plan for winding up each company after a specific construction project.
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Re: bankruptcy

Postby zzontar » Oct 3rd, 2012, 8:02 am

Am I getting this right, can the guy use the money from his business to buy boats and yacht club memberships and such, then declare bankruptcy on his business, keep everything personal like boats and such, then re-open a business under his wife's name?
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Re: bankruptcy

Postby db54 » Oct 3rd, 2012, 8:06 am

I refer to it as a company as the contract I signed was with a roofing company with the guy and his wife`s name as co-owners of said company. I assume you are right in saying this is how it is set up to move on and do this again. Thanks
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Re: bankruptcy

Postby db54 » Oct 3rd, 2012, 8:11 am

He`s declared bankruptcy amd I am waiting to see if it is personal, on his business or what.
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Re: bankruptcy

Postby TimmyE » Oct 3rd, 2012, 11:58 am

Going bankrupt is a public affair. If you're really ticked off at him, then maybe you should publish the company's name to let others know. Guys like that will probably restart another business and information like that would be very helpful to future customers.
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Re: bankruptcy

Postby Triple 6 » Oct 3rd, 2012, 12:10 pm

Make sure the name is not posted here. Thanks.
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