Join Date: Nov 2004
Bikes: Cannondale Road Warrior 800 & H400
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Actual ownership in the company may not have been required (and thus might be irrelevant to your question) if the lender was satisfied with your grandmother's personal guarantee, if that's what she signed (and so she might be partially responsible, or perhaps for the full loan amount).
Sounds like a possibility of fraud that should be looked at, or something like misdealing among owners.
Even companies that go under sometimes have valuable assets (customer lists, intellectual property such as copyrights and trademarks, accounts receivable, product formulas, inventions) that co-owners may not accurately or truthfully reveal to other owners.
Bankruptcy (company, if not also personal) might be worthwhile to ask about.
Probably will be important potential tax consequences.
Your grandmother's exposure and rights can vary greatly by the type of legal entity involved, successor terms, and possibly probate or estate law.
IOW piece of cake.
Get thee to an attorney (and probably also accountant) pronto.