I purchased a restaurant 4 years ago. The purchase was made with the owner (who also happens to be the landlord of the building)taking back $50,000 in a promissory note.
The note is unsecured and based on personal guarantees. I invested, over and above the cost of the business, well over $125,000 in improvements to his property with a verbal guarantee he would reciprocate with additional improvements.
He has not reciprocated and the recession has hit the restaurant industry hard. I have attempted to sell the business to no avail. I have accumulated significant debt to the point that I am considering personal bankruptcy. The restaurant will probably be put up for auction.
My question: The restaurant was purchased by a company that my wife and I formed. If I signed the promissory note and the only guarantee was personal, does the individual have any rights to corporate funds after the business has been sold or auctioned
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