Legal Question in Business Law in California
if a judgment was put against me to pay a corporation and now the corporation has dissloved am i still liable?
Asked on 9/20/12, 10:45 am
3 Answers from Attorneys
Seth Wiener
Law Offices of Seth W. Wiener
Unless the corporation is reinstated or assigned the judgment to somebody else, it is unlikely that it would be able to collect the judgment against you.
Answered on 9/20/12, 10:48 am
Mr. Wiener is wrong. When a corporation dissolves, its assets must be liquidated or distributed to shareholders. It is not fully dissolved until that happens. So you are either still liable to the incompletely dissolved corporation, or the judgment has been given to a shareholder or sold and you are now liable to that person or entity.
Answered on 9/20/12, 4:24 pm
Terry A. Nelson
Nelson & Lawless
Yes, but there is nobody to collect it unless the debt was transferred to someone else.
Answered on 9/21/12, 1:39 am
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