by The Fall Guy 10 Replies latest watchtower scandals
I apologise if this has been discussed while I was on vacation, but I've just become aware of it.
Is the WTBTS preparing to avoid losing a fortune, by declaring bankruptcy?
The cult's scumbags may be about to initiate their own "great tribulation." :)
The Fall Guy - "...Is the WTBTS preparing to avoid losing a fortune, by declaring bankruptcy?..."
Can a tax-exempt organization with a large (albeit dwindling) pool of assets even do that?
wishful thinking with no basis in reality.
Fall Guy, Someone was saying why the Watchtower can't declare bankruptcy. The reason being they have assets, such as kingdom halls, assembly halls, and so on.
How can you declare bankruptcy with so many asstes? Unless they have on another organization.
Non-profits, including churches, can file for bankruptcy. Under Chapter 7 assets are liquidated and the proceeds go to creditors. Under Chapter 11, debt is reorganized and creditors are paid off on a Court approved schedule.
A reason why churches file for bankruptcy is to stop new civil suits from being filed. When bankruptcy is filed, the amount any existing civil suit is worth is decided by Bankruptcy Court, not Civil Court.
Maybe/maybe not. Thanks for the link, TFG. I hope the court's don't allow them an easy way out.
The Catholic Church has already shown the WTBTS how to do it!
I asked my husband earlier before I posted re/bankruptcy and he said possibly so - asked another one same question and he said not sure - not their areas of expertise but I've heard so many of their replies re/rights of religion I can't take it! If the Catholic's were successful the WT cult will just have a cake walk.
Thx for the new link, Fall Guy. Not sure I can stomach viewing it.
frozen2018 - "Non-profits, including churches, can file for bankruptcy."
I wonder how the loyalist rank-and-file would react to something like that, or if the WT leadership would even consider doing it.
After all, is that something that's even supposed to happen to "God's Earthly Organization"?
