What Happens If The Seller Goes Bankrupt Before Closing?
August 30th, 2008 By Peter G. Miller
If you are the buyer or the broker you immediately head to your attorney.
The goal of a bankruptcy proceeding will be to satisfy as many creditors as possible, therefore the sale may well be in everyone’s interest. However, the sale will likely require court approval and that could delay closing. As well, one needs to ask if the sale agreement is enforceable in such an extreme and unusual situation.
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