#59432
Jimmy-T
Keymaster

    Past a certain amount, the debtor can be made bankrupt. In that case the court will order the sale of any assets, ie their unit, in order to repay the debt .

    It’s worth having a look at this post by Bannermans Lawyers which explains how seeking bankruptcy could end up costing the owners corp more than they get in return.

    However, in this case, my question would be whether or not you could declare a foreign entity bankrupt.  I know the law changed on overseas investors recently but I can’t recall what it was.

     

    The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.