Troy Critchley files for bankruptcy (2 Viewers)

[BlueStangGT]

...The article says a shell corporation with no assets owned the car. That is a smart decision and shows smart planning on someone's part. The only 'value' of that company would be the car and maybe the tow rig, parts, etc. Obviously not near enough to cover this case....

This isn't meant as argumentative, just a clarification; the article states:

"Cobb is worried that the ownership of the car might be been placed in the name of a Shell Corporation that has no assets."

I interpret that as they're still trying to determine the actual ownership of the vehicle since apparently nobody's stepping up and claiming it, so to speak.

 

[Greg]

Putting your racing assets in a legitimate shell like that is the smartest thing to do no matter who you are. You don't want racing commingling with other business or personal assets, mainly for your own protection. No matter what level of racing you are in, you really never know what could happen, and what consequences you might face due to some freak accident. Setting up a shell is really the best thing to do, but it has to be run like a legitimate corp (i.e. corp meetings, maintaining minutes, proper filings, etc.). If you are negligent then there's really very little that can protect you, and they will find some way to come after you personally, but like it was said above, lawyers don't prefer to go after individuals, because there's really no money there, and filing bankruptcy will pretty much kill their case against you.