Quote:
Originally Posted by ClimaxXx
If you had a little more than 2 weeks... different story... In your case... you're prolly toast.
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Not necessarily. If the owner knows that the business can come out of it say in a few months and start remaking payments - a good lawyer can most likely get proceedings delayed.
It's in a bank's best interest to continue to collect interest acrueing loans. If they have to reposess the business, it will cost them trustees, lawyers, continue to pay staff & operational costs until they find a buyer. They also have to make deals with the other creditors and all of this adds up. If the owner has a comeback plan & can make deals with creditors & a payback plan with the bank, they would much rather make a long-term deal than take it back. If the actual value of the business is 3-4x the value of the loan - they may take it back incur the costs and resell it undervalue.