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Freddie Byrd , a well - known local entrepreneur, owned several businesses that filed for bankruptcy from 2 0 1 2 to 2 0 1
Freddie Byrd a wellknown local entrepreneur, owned several businesses that filed for bankruptcy from to Last year, Freddie established Byrd Properties, Inc., a property maintenance business. Byrd is the sole shareholder and invested $ in the company as a capital contribution. Byrd Properties, Inc. purchased trucks and a building using a $ loan obtained from the bank. Byrd skipped several mortgage payments on the building and was past due on the truck payments. Byrd Properties is no longer able to pay its bills. As one of Byrds creditors, you seek to hold him personally liable for the debts of the company. Will you be successful in holding Byrd responsible for the company's debts? Explain why or why not
Freddie Byrd a wellknown local entrepreneur, owned several businesses that filed for bankruptcy from to Last year, Freddie established Byrd Properties, Inc., a property maintenance business. Byrd is the sole shareholder and invested $ in the company as a capital contribution. Byrd Properties, Inc. purchased trucks and a building using a $ loan obtained from the bank. Byrd skipped several mortgage payments on the building and was past due on the truck payments. Byrd Properties is no longer able to pay its bills. As one of Byrds creditors, you seek to hold him personally liable for the debts of the company.
Will you be successful in holding Byrd responsible for the company's debts? Explain why or why not
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