Bankruptcy of an Agent #177

Legally Speaking

By Gerry NeelyB.A., LL.B. There have been fortunately, very few bankruptcies among real estate agencies in British Columbia, but when they do occur, they have unpleasant consequences for salespersons sharing in commissions paid to the bankrupt firm. Usually the bankrupt agency had assigned its receivables to its bank to secure a line of operating credit,

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