Country Bumpkin did not go bust, but it is not difficult to imagine how it might have, if its troubles had deepened:
Companies go bust in two ways: either they run out of cash and can't pay their debts, or their liabilities exceed their assets - a condition known as insolvency. CB could have met its nemesis in either way. In particular, if it had defaulted on its debenture interest payments, the owners of that stock could have appointed a receiver to recover the debt.
The receiver would have had the power to sell specific company assets (in this case CB's property assets) which would effectively put CB out of business. Theoretically, the company could resume trading after the receiver has done his job, but in practice the appointment of a receiver is often followed by the appointment of a liquidator.
Liquidators are normally chartered accountants specialising in the grim task of corporate pathology. Their job is to go into a company, sell its assets, and distribute the proceeds to the creditors according to a strict ranking order:
Had CB gone bust, the directors would have been under a duty to inform the Stock Exchange, and the shares would have been suspended. At that stage, there is nothing ordinary shareholders can do except wait for the outcome of the liquidation process.
Once liquidated, a company will be delisted.
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