Can The Courts Force The Sale Of A Business Property If One Partner Goes Bankrupt?
My Mum and her business partner own a company that lease out a commercial property. We have been notified that my Mums business partner is going bankrupt due to other business commitments to which my mum is not involved. We know that her business partner has used this 1/2 share in the commercial property to secure loans for this other business. I understand my mum will most likely be offered by the bank to buy out her business partners 1/2 share in the commercial property. What happens if my mum can not afford to buy out or dosn’t want to, Can the bank force sell the property to gain access to her business partners portion of equity.
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