Legal Question in Business Law in Texas
Can a Judgement One Wholly Owned Subsidiary be collected on another Wholly Owned
A judgement has been awarded to plaintiff. The Company and one wholly owned subsidiary is in CT. There is another wholly owned subsidiary in Texas by the company. Can a judgement be executed on the Wholly owned subsidiary in Texas.?
Asked on 6/01/05, 4:15 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Can a Judgement One Wholly Owned Subsidiary be collected on another Wholly O
No. Company A owns all the shares of company B and C. You have judgment against A only. B and C are separate and distinct business entities and are not liable for the debts of A.
However, you can engage in discovery against A, and if C (Texas) pays money to A, you can get a receiver to attach that money stream.
Answered on 6/02/05, 6:10 am
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