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Avoid Foreclosure and Bankruptcy Blog » The Trend Continues ...

by Christopher Gordon

The Copper Monarch Mining Corporation, based in Utah and only in task for one year, has recently let go their employees and airfield for Chapter 11 bankruptcy. Only a year ago, the mining throng introduced a $60+ million mill, but rapidly ran out of funds. At the corporation’s filing it was brazenly admitted Copper Ruler is powerless to pay its workers, lawyers and mining leases. During a public limited company assembly on May 13th, the directorship voted to asseverate bankruptcy .

Cabinet Chairman, David McMullin, is currently looking for ways to pay back wages owed to many workers. Some contractors have yet to earn payment as well and some speculate shareholders will get hit the hardest. Copper Sovereign encountered numerous hard cash issues from the start and old on, ran into operational woes which prevented them from reaching their full covert.

In an energy to lift more gelt, Copper Sovereign issued billions of shares. And while it seems the body itself has basically been built upon the back up of shareholders, the win out over they can do is stay and try to liveliness back amidst their bankruptcy safe keeping and period of reorganization.

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Is my stock worthless if a corporation files bankruptcy?

May 30, 2007 by Sam Darren | Posted in Other - Business & Finance

I have 100 shares stereotyped in a corporation. This corporation may file bankruptcy. What happens to my stock? Do I lose completely? Does it zero out and then gradually increase in value again? Or have I gone by the board the stock forever?

It depends. If the group continues operations and emerges from bankruptcy it can go on to do quite well as some airlines have done. But the creditors get paid first, so you may have a long wait winning. If the company is liquidated, you will get nothing.

Is it possible to file bankruptcy for my corporation separately from me?

Jan 23, 2008 by EdC | Posted in Corporations

I have a corporation which has run into economic problems and I am also in financial problems personally. Is it possible to file bankruptcy for my corporation separately from me as an individual so that I can purge the point credit cards and file a different

It actually depends on the type of corporation and how it was set up. There may also be personal guarantees that would affect either bankruptcy. Certainly the others are correct with the little information allowed and suppositions of separate entitie

Is it ok to transfer ownership of aircraft to my corporation before bankruptcy filing?

Jun 23, 2008 by triguyinla | Posted in Personal Finance

I am judgement I may file bankruptcy in 6 months or so. The only last asset I have left is a small airplane. If I transfer ownership of this to my business which is incorporated, will this nurture it from being sold by bankruptcy trustee?

That would be very unethical and the courts are favoured to see the transfer made after the intention to file bankruptcy was made. Why not sell the aircraft? There is a good chance you wouldn't have to file for bankruptcy then.