Results 1 to 2 of 2
  1. #1
    Join Date
    Nov 2011
    Posts
    1

    Default Collection Against a Defunct C Corp

    My question involves business law in the state of: Illinois

    My C Corp expired in 07 is being sued by a co. claiming that it's owed money. The entity was officially disolved when I didn't file papers and pay the fee for the next year (existed just for 1 on paper, but less than that in reality). The company never went anywhere and essentially failed. I thought any creditors were paid, but they are claiming not. I don't have any, records from then. In any case I got a summons as an officer. The company has no assets at all and hasn't for years. No accounts or anything owned. Since the company no longer exists can they do anything other than perhaps get a judgement against a company that will never be active or have any assets? or can they try to collect from me personally? If the later I've had a CH7 discharged. Would this be covered by that?

  2. #2
    Join Date
    Sep 2005
    Location
    California
    Posts
    65,673

    Default Re: Collect Against Defunct C Corp

    Nobody here can promise you that, if the creditor ends up with a judgment, they won't try to establish that you converted corporate assets to your personal use when you shut down your operations and thus should be responsible for the debt. We don't know how much money is involved, nor do we know the facts surrounding this claim.

    If you went through a zero assets Chapter 7 bankruptcy after this debt was incurred, absent a showing that you committed an act that would render a claim against you nondischargeable, you should expect that the discharge will cover any claim they make against you as an individual. The most common claims made to take a debt outside of bankruptcy are that the obligation arose from fraud or intentional misconduct; you have not given us any reason to believe, as of yet, that the creditor has made such a claim or could support it.

    1. Sponsored Links
       

Similar Threads

  1. Business Issues: How to Terminate Corp. Officer, Minority Shareholder from Corp
    By Eric E in forum Business Law
    Replies: 2
    Last Post: 11-26-2010, 10:15 PM
  2. Business Disputes: Can My Defunct S Corp Be Sued
    By ARK3 in forum Business Law
    Replies: 4
    Last Post: 03-21-2010, 06:50 AM
  3. Homeowners Associations: Restarting a Defunct HOA
    By TXlakehouse in forum Ownership and Title
    Replies: 2
    Last Post: 03-11-2010, 08:39 AM
  4. Easement for Defunct Railroad
    By John.Stevens in forum Easement and Right of Way Law
    Replies: 4
    Last Post: 12-01-2009, 02:49 PM
  5. Business Issues: Restoring a Defunct "S" Corp in California
    By kafkawasnotdreaming in forum Business Law
    Replies: 1
    Last Post: 02-11-2009, 02:07 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
 
Forum Sponsor
Find A Lawyer - Free, confidential referrals.
Legal Forms - Buy easy-to-use legal forms.




Untitled Document