Agency Based Discussion > LuckyOliver.com
NEWS - Closing the Doors
leaf:
--- Quote from: photogrrl on May 07, 2008, 14:34 --- If I'm not mistaken, they could easily claim bankruptcy and avoid paying their debts altogether.
--- End quote ---
ummm... do you know how bankruptcy works?
You can only claim bankruptcy if you have no way of paying all your debts.
Once you have claimed bankruptcy it is not like you walk away from your debts. There is a specified order in which your debts are paid (banks, loan people, investors etc are paid first) and they go down the list until the shirt is off your back. It is hardly a way to 'get out of' paying your bills.
photogrrl:
as I said "if I'm not mistaken"...so no, I don't know the ins and outs of bankruptcy. Apparently I was mistaken.
Frankly, I hope I never have to know much about how it works.
Void:
actually depending upon how it is done and if it is a company or an individual, and deeper still the type of company, yes it is a way to dump all your debt. and without a care in the world.
LO could be an LLC or an Inc.
Chances are Bryan has it set up so that his company can get sued but he cant.....
Glad i cashed out many moons ago....
Phil:
if it was a planned move then lowering payout was an decent and honourable thing to do...they could have left it at $100 and a lot more people would be owed money...they could have just turned the servers off and walked away, at least this way the most any contributor will lose is $24.99... about 1/3rd of the polariser I just bought... not as much as it cost me to take my kids to mcdonalds....
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