I own a company large legal fee because of a lawsuit and cannot pay, now the compnay is liqudated, what will happen to the debt I own them?
2007-03-06 21:44:31 · 3 answers · asked by dilema 1 in Business & Finance ➔ Personal Finance
Now I see. You owe a company some compensation because they sued you before. Now the company is liquidated, you are wondering if you are still liable to pay the debt.
I believe the receivables can be sold to another company as an asset. The company that took over all this debtors can ask you to pay up.
2007-03-09 04:40:59 · answer #1 · answered by James S 3 · 1⤊ 0⤋
You haven't said if you were the sole proprietor or if you have the company with corporation or LLC. Either way after the company is liquidated any money from the business will go directly to the debts. If that is not to enough to settle it under incorporation or LLC they can not go after your personal property. BUT if you were the sole proprietor they can legally go after your personal property, assets and bank accounts. If you had a joint partnership they can go after both of you.
Incorporation or LLC filings, which would have been done at the beginning of the business, are the only way you are on personally accountable for the money.
2007-03-07 05:58:28 · answer #2 · answered by Wicked Good 6 · 1⤊ 0⤋
So lets say a listed company liquidated, however still unable to repay the debts. Who is responsible for the debts? What happen to the director? What happen to the stock holder?
2014-03-14 22:25:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋