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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 110499
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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If a corporation (not the individual owners) sues you and wins..,

Customer Question

If a corporation (not the individual owners) sues you and wins.., then two years later they go out of business and dissolve their corporation, do you still owe them the debt?
Submitted: 6 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 6 years ago.
Yes, even if the company went out of business, the members of that business are entitled to the assets of the business and any debts are assets of the business so technically the members or the trustee in that company's bankruptcy would have a right to collect the debt still. HOWEVER, chances are they have written the debt off and there is nobody seeking to collect it. If it is a judgment it would be a priority over the unsecured, because it is secured by judgment.

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