Illinois | Business Law
2/24/09, 5:40 pm
Legal Question
Corporation law
If a corporation has been dissolved, who is eligible to receive a refund due to the corporation?
Corporation law
If a corporation has been dissolved, who is eligible to receive a refund due to the corporation?
|
Read More Answered By: Bryan Whipple |
Re: Corporation law I can't give you an answer based on Illinois law, which may or may not be similar to California law.
In California, a "dissolved" corporation continues to exist, after and notwithstanding formal dissolution, for the limited purpose of liquidating its assets, paying its bills, and doing other things necessary to wind up its affairs and go out of business in an orderly and lawful way. The refund is still due to the corporation, and the party from which the refund is due remains liable to make the refund.
When the corporation or its legal successor cannot be located any more, very likely the refund escheats to the state, just like other unclaimed assets that you probably hear about. In other words, if you can't find the corporation or its representative or successor, you turn over the money representing the refund to the state as unclaimed property. |
|
Read More Answered By: Motty Stone |
Re: Corporation law The previous poster's comments are basically correct for Illinois as well. There should be someone responsible for "winding up" corporate affairs and an agreement regarding the same. That person is empowered to take the payment and distribute it according to the agreement about "winding up."
If there was no agreement, no bankruptcy, and no special arrangement made with any creditors, the payment will usually be distributed in the same way as if the corporation still existed. |
Highland, IN
Questions Answered: 7334
Last Question Aswered on: 2012-05-24
St. Louis, MO
Questions Answered: 3776
Last Question Aswered on: 2012-05-24
Moline, IL
Questions Answered: 2176
Last Question Aswered on: 2012-05-25
Chicago,
Questions Answered: 1259
Last Question Aswered on: 2012-03-22
Orlando, FL
Questions Answered: 1172
Last Question Aswered on: 2012-05-02
Chicago, IL
Questions Answered: 627
Last Question Aswered on: 2009-03-26
Naples, FL
Questions Answered: 582
Last Question Aswered on: 2012-05-25
Garrett Park, MD
Questions Answered: 528
Last Question Aswered on: 2012-04-17
Chicago, IL
Questions Answered: 503
Last Question Aswered on: 2010-05-08
Northbrook, IL
Questions Answered: 437
Last Question Aswered on: 2012-05-12
► Business database Is it legal for a distributor to share all the contact information...
► Defamation of Character I work as an estimator. I made an error on an estimate that...
► Internet based business employment I'm planning to start an online business, an...
► Recvd letter on LOTTO from Spain that says I'm a winner. I need advice on it's...
► Financial Billing Terms Is a vendor under a legal obligation to notify a customer in...
► Identity theft. at a union meeting in 2006 my name as well as s.s.# along with eight...
► Small business I did $1800.00 worth of simple assembly work from my home last year...
More Business Law questions and answers in Illinois| Bill of Sale | Living Will |
| Contracts | Notices |
| Divorce | Power of Attorney |
| Employment | Quitclaim Deeds |
| Landlord & Tenant | Real Estate |
| Leases & Rentals | Sales and Purchases |
| Letters | Wills |
| Living Trusts | More... |
© WebsiteBroker, Inc.
LawGuru.com | Advertise on LawGuru | Affiliate Program | Privacy | About Us | Press