Legal Question in Credit and Debt Law in California

Yes. The fact that the original creditor no longer exists does not extinguish the debt. Either when the company was liquidated, or sometime before, its accounts receivable would have been sold. Whatever company now owns the rights to the accounts has every right to collect payment via a collection agency. In fact, often, it is the collection agency that bought the accounts for a fraction of their face value and is looking to make their money of collecting what they can on them.