Legal Question in Credit and Debt Law in Wisconsin

Post Judgment Collection--help needed

I would need to research the status of the corporation further before I could answer your question. There are rare occasions when it is possible to "pierce the corporate veil" and reach the assets of individual participants in a corporation (i.e., Enron). Generally speaking, however, the corporation is a separate legal "person" and serves as a shield against creditors reaching the personal assets of corporate principles and investors. The public policy behind this is to encourage individual investment without fear of risking remaining assets outside of amounts invested in the corporation. This protection creates the foundation for the world's securities markets, and they would no undoubtedly fail without it. As for the company's continued efforts to sue others, even during dissolution, management can operate in the normal course of business. However, creditors can still attach assets meanwhile. But if the corporation is being dissolved by a receiver, bankruptcy trustee or a lender, various forms of legal protection from your collection efforts could be in effect while it dissolves. In this event, you can file a claim with the official in charge of the dissolution and have a chance at getting paid pro rata along with other creditors in your class. Often, however, only the bank and the IRS get paid because their class priority is near the top of the "food chain" (or they a bank has a lien).

If you were not aware of all these procedures, you probably need an attorney to help you with this post judgment corporate collection. Such matters are far more complex than merely suing consumers.