S-Corporation / liability to creditor after closing business?
by brewhorizonsinc, Window Shopper
- Created: August 27, 2009, 12:24 pm
My wife and I owned a small restaurant as an S-Corporation. We closed in March due to financial failure. We lost everything we invested; virtually everything we had ($240K) We used most of our personal assets to try to keep it going.
The only creditor was our accounting firm. They continually send collection notices and past due bills to the old business (not us personally). Now they are writing that they will turn the case over to a collection attorney. I've written several letters explaining the business obviously no longer exists and there are no company assets of any kind from which to pay them. We have never signed a personal guarantee. We have integrity and owe no one else. But there's just nothing remaining and I'm still job searching. What advice can you give us regarding this situation? What if they ultimately go to court.
We dissolved the business but never declared bankruptcy of any kind.
Thanks for in advance for any helpful advice.
Former S-Corp. owner
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