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Insolvent NY S Corp needs advice regarding dealing with creditors

New York, NY |

Facts:S Corp ceased operations in Feb, with no assets. It has outstanding accts payables (no rcvbls) to vendors and landlords (not person. guar). No creditors have sued yet, but it will begin soon. I've no intention of resuming business activities ever.
Questions:
1) Can I simply dissolve corp and allow the creditors to obtain judgements against a defunct entity?
2)Any reason to file corp bankruptcy protection?
3)Is there a difference if the judgement is obtained before or after entity is dissolved?
4)If the bank accts are empty ($10), am I required to close them prior to dissolving?
Tx

Attorney Answers 1


  1. The depth and scope of your questions require answers that can only be given after you consult with an attorney. You are looking for specific legal advice. This forum is intended for more general questions.

    THE INFORMATION CONTAINED IN THIS POSTING IS FOR GENERAL INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL ADVICE. THE FURNISHING OF THIS INFORMATION DOES NOT CREATE AN ATTORNEY CLIENT RELATIONSHIP. AN ATTORNEY CLIENT RELATIONSHIP REQUIRES THE FURNISHING, REVIEW, AND SIGNING OF A RETAINER AGREEMENT.

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