Legal Question in Credit and Debt Law in Illinois
Am I liable for my employers debts
I have been sent to collections for a debt of my employers. They have threatend to sue me. I am not an officer of the company I was the manager. The company I worked for is out of businesss... Also can I sue the creditor for defamation of carector as this has now gone on my credit report.
1 Answer from Attorneys
Re: Am I liable for my employers debts
More information is required to answer your question. However here are some basic guidelines. The point of a corporation is to escape personal liability for corporate debts. The corporate veil can be pierced, i.e., you can be sued directly if the corporation was not properly capitalized, you commingled your own money with the corporation, failure to keep minutes and observe corporate formalities and so on. Unless you signed a personal guarantee or committed some civil wrong you should be indemnified. You could pursue legal remedies for false credit bureau reporting.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
