When a Company Goes Out of Business, what happens if there is litigation pending against them?
Acme Co. Inc. is being sued by Person A. Person A wins the lawsuit and is awarded a reasonable amount of money. If the company goes out of business before it has paid Person A, can Person A still get their monetary award? If not, is there any recourse for Person A? Do corporations have to remain "alive" on the books with money in reserve until all judgments against them are cleared?
Like any " winner awarded awarded a settlement " in a law suit....there is no guarantee you will ever get any money...corporations can claim bankruptcy at anytime...if this is the case get in line and wait your turn for recouping any $ .
I sold a business once and held papers with a large amount owed to me...the buyer sold the equipment , and left the country...he was not a US citizen..
.I spent thousands of dollars retaining an Attorney... four years laterI won the lawsuit, however the person has returned for short visits to America, but never resided.....So you can win a lawsuit, but may never get a penny....lesson learned by the way....
I hear that, kj force! Already learned that lesson myself. I just wasn't sure what would happen if the company ceased to exist entirely--not just claimed bankruptcy. If everyone left, no phones or addresses or websites... Then what?
As far as I was lead to believe , even if it is NOT a bankruptcy pretty much SOL. a Clinical Group closed their doors, without notice and the patients can't even get their medical records and it's been over 2 years.
No, they can go out of business because they can't pay the judgement, while liquidating everything with the proceeds going to all debtors may be the only solution.
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