Legal Question in Business Law in Illinois

Business charge cards

The company which was a corporation went out of business. What becomes of charge cards in business name? Mail is no longer delivered to former address,and there is no company left to pay it


Asked on 2/19/07, 3:52 pm

1 Answer from Attorneys
Burton Padove Indiana and Illinois Lawyer, Burton A. Padove

Re: Business charge cards

Were the cards personally guaranteed? What does the credit application and agreement say? Look at those, and if there wast a personal guarantee and there is silence in the agreement the cards should be destroyed and the credit card company is probabaly out of luck. However, if individuals continued to use the card after the dissolution there may be liabilty for those charges.

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Answered on 2/19/07, 4:31 pm


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