Richard is the majority shareholder, director, and CEO of RC Inc.

RC Inc. has undertaken a series of takeovers to rapidly expand the business. Unfortunately, the expansion included incurring a lot of debt that the corporation is having difficulty paying. Richard has decided to seek creditor protection while he reorganizes the corporation and sells some assets in order to be able to continue to function. Richard himself is very wealthy, owning three houses, four cars and one jet. A few creditors want to seize his personal assets to satisfy their debts instead of taking the $0.25 on the dollar that the reorganization is offering. Can the creditors seize the houses, cars, or the jet?

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