Legal Question in Business Law in Massachusetts

Re: Disolved business

This is a very complicated question. You don't identify the nature of the business organization. Corporations have a three year wind down period. As a general rule, the debts must be paid. However, if there is no personal liability and no money is paid to the owners and there is not enough money to pay all creditors, then it may be proper to not pay some of the debts. Legal rights vary greatly depending on specific facts, and it is impossible on the basis of the recitation of a few facts to determine a specific answer to your qustion, what are the full range of options, or what limitations exist. ON THE BASIS OF THE INFORMATION

PROVIDED, I RECOMMEND THAT YOU PROMPTLY CONSULT AN

ATTORNEY TO DETERMINE THE SCOPE OF LEGAL RECOURSE, IF ANY, YOU MAY HAVE. YOU

SHOULD NOT RELY ON ANYTHING STATED HEREIN AS ADVICE TO DO ANYTHING OTHER THAN TO CONSULT AN ATTORNEY TO DISCUSS FULLY AN APPROPRIATE

COURSE OF ACTION.