Legal Question in Credit and Debt Law in California

Is a corporation responsible for its outstanding debt even when it is no longer a corporation


Asked on 4/08/10, 9:28 am

1 Answer from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

I think what you mean is, are the shareholders or officers responsible for the debt. You need to go back and look at the relevant contracts -- did the corporation's owners sign a personal guarantee? Most lenders would have required this.

Read more
Answered on 4/13/10, 10:00 am


Related Questions & Answers

More Credit, Debt and Collections Law questions and answers in California