Company is not solvent enough to pay the balance, only the minimum payment right now, and there is a small chance of bankruptcy within a year.
Well, the answer is moot, mate.
Your primary stockholder sees the handwriting on the wall.
He's no longer willing to sink more money into something without seeing a return.
The outlook for our overall economy is bleak.
Our GDP continues its downward spiral.
Illegal immigration continues to siphon off money the federal governmemt doesn't have.
Almost 100,000,000 workers have decided to no longer seek employment.
Poorly negotiated trade deals have caused our jobs to be exported to other countries where fair wages are non-existent.
Meanwhile new job growth has disappeared.
If keeping the lights on has become a problem, it's time to consider bankruptcy.
This is where understanding the pitfalls of a chapter s versus a chapter c corporation comes in handy.
As an owner of a chapter s corp, all of you are on the hook to eat the debt.
That means your ALL of each owner's personal assets are at risk.
The personal guarantee by your former CEO means something to the bank.
As far as corporate debt, share and share alike, mate
You all stand to lose something if this thing becomes insolvent.
You should immediately endeavor to determine what (as in how much each of you could lose) is at risk for each shareholder.
The solution, could be bankruptcy, rather than simply closing your business.
S-Corporation Bankruptcy and Personal Liability - Avvo.com
S Corporation Stock and Debt Basis
http://www.bernsteinshur.com/wp-content/uploads/2013/07/The-Shareholders-Loan-to-the-S-Corp.pdf
Bankruptcy and S Corporation Pass-Through
Bankruptcy Rules for S Corporations