Is a corporation responsible for its outstanding debt even when it is no longer a corporation
Asked on 4/08/10, 9:28 am
1 Answer from Attorneys
Michael Stone
Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE
I think what you mean is, are the shareholders or officers responsible for the debt. You need to go back and look at the relevant contracts -- did the corporation's owners sign a personal guarantee? Most lenders would have required this.
Answered on 4/13/10, 10:00 am
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