North Carolina businesses rely on their offices and store locations for their employees to do their work, offer services, sell products, earn an income and stay profitable. In this sense, a real estate foreclosure can spell immediate disaster. If a company wants to stay in business, it will therefore want to take immediate legal action to either pause or completely stop foreclosure proceedings from continuing.
The Byrds had a hit with the song "Turn! Turn! Turn!" back in the 1960s. One of the key phrases of that piece is pulled right out of the Bible and states there is a time to every purpose under heaven.
Foreclosures are not as common as they used to be as recently as 2009. They do still occur, however, and when they are required in North Carolina there can be state and federal laws that essentially compete to determine how the process will be handled.
Businesses are in a sense living organisms. Just like the people who start them, most tend to go through a life cycle of birth, growth and eventual closure. Sometimes conditions are such that a foreclosure is called for. When such action is required in North Carolina, there are specific laws that dictate how they must be handled.
Having to deal with a foreclosure is never an easy thing. Whether you are the entity being foreclosed upon or the one that is seeking to protect your security interests, it can be a tough situation.
Some North Carolina businesses may still be feeling the effects of the recession. A company that owns real estate could find itself facing a business foreclosure due to an inability to recover from the economic hardship felt by consumers and businesses alike. A foreclosure could cause irreparable harm to a business struggling to get back on its feet. Certainly, it may be beneficial to explore alternatives.
On Nov. 27, First Citizens Bank foreclosed upon New Friends Adult Day Health, an adult day care center located in east Charlotte. The company, which is owned by Walker Investment Holdings, is now in the process of finding a new home. The facility is one of 11 adult day care or day health centers located in Mecklenburg County. It has approximately 10 employees and assists approximately 30 clients.
Small business owners in North Carolina know that they face the risk of falling into debt they can't repay. Filing for bankruptcy, whether it is for personal debts or business debts or both, is never an easy step to take. But in business foreclosure, it can be the right move to put a failed venture behind a business owner before moving on to new enterprises. It's important, however, to take the right steps when choosing this financial path.
North Carolina-based bank BB&T Corp. will have to wait until May 8 to have its day in court regarding a real estate developer the bank says defaulted on about $4.5 million in loans. While the foreclosure hearing was originally scheduled for Dec. 20, the court recently granted the developer a continuance.
One of the older buildings in downtown Fayetteville should soon be under new management after the former owner reached a settlement in his bankruptcy case. The owner, who city officials said owed hundreds of thousands of dollars in municipal fines, agreed to transfer ownership of the Hotel Prince Charles to a new business. The settlement ends the bankruptcy case and averts the city putting the building for sale at a foreclosure auction.