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Old 08-01-2020, 10:30 AM   #5
Billy Nees
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Default Re: NHRA roles for bankruptcy
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Originally Posted by Fireofficer5 View Post
Out of Curiosity, how does a nonprofit file for bankruptcy? Wouldn't they just close.
They would have to liquidate all of their holdings and pay outstanding debts. The rest of the monies would be distributed among the shareholders (members).
The only outstanding debts that I could think of would be the B.O.D.s salaries, property taxes and insurance. If the NHRA isn't racing then why hasn't the B.O.D. taken voluntary lay-offs along with pay reductions?
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