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1. A limited company is a separate legal entity to you. So, if you go bankrupt, it will not affect the property worth 500k which is owned by the limited company. This is because you don't own the asset. The trustee in bankruptcy cannot get his hands on the asset as you don't own it. However, you do own the shares in the limited company, so the trustee in bankruptcy will attempt to put a value on the shares and attempt to sell those shares to realise value for your creditors in the bankruptcy.
2. Accordingly, whilst you don't own the asset worth 500k, you do own all the shares in the company and the trustee in bankruptcy will attempt to realise the value of these shares. Indirectly, this puts the asset at the mercy of the trustee in bankruptcy.
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4. If you sell the company for market value the trustee in bankruptcy cannot subsequently impugn the sale. However, it should be an arm's length market value sale. However, there is no restriction on what price your company sells the asset because it is not your asset. So if there is an option agreement for the sale of the asset, that can go ahead. However, the option should be exercised before you go into bankruptcy.
5. Yes, assumption of a debt liability is good consideration (or value) for a property. so, it is perfectly possible for the third party to exercise the option by taking on the debt which is equivalent in value.