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The Griffin Law Firm
The Griffin Law Firm, Attorney
Category: Bankruptcy Law
Satisfied Customers: 51
Experience:  Member of NACBA and ABI
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If there is a judgement against your corperate account and

Resolved Question:

If there is a judgement against your corperate account and you owe sales tax, will that judgement be lifted to pay the sales tax
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  The Griffin Law Firm replied 7 years ago.
The judgment will not be lifted to allow you to pay another debt. If creditors sense inability to pay, they get very protective about priority and who is first in line. As for dissolving the corporation, that is a fairly easy process that is outlined for you at the New York Secretary of State website:
If you have many assets do deal with, a corporate chapter 7 bankruptcy may make the dissolution process easier.

Yes, you can form another corporation with a new name.
Customer: replied 7 years ago.

Can we disolve the corperation while there is judgement with a hold on the account?

Expert:  The Griffin Law Firm replied 7 years ago.
Part of the dissolution process is the liquidation of assets and the distribution of those funds to creditors in an equitable manner and then to shareholders if there are enough assets left (usually not). If the creditor with the judgment that is causing problems with the account is one you feel would not be paid in the course of a dissolution or would be paid less than what they are currently going after, a chapter 7 bankruptcy might be a better course.
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