Full question:
My corporation was dissolved in May of 2008 and there was a judgement filed against it in June of 2009 the company has no assets do I have to appear for the examination of assets and what do I show the court?
- Category: Discovery
- Subcategory: Depositions
- Date:
- State: California
Answer:
A dissolved corporation can still wind up its affairs, including paying debts to creditors. If you received a subpoena to appear for an examination of assets, you may face contempt charges for not complying. If you cannot attend, consider contacting the opposing party's attorney to request a reschedule.
A subpoena duces tecum requires you to bring certain documents. If no specific items were requested, you can bring documents like corporate records or bank statements at your discretion.
In some situations, individuals may be held personally liable for corporate debts under the alter ego theory, where the court may disregard the corporation's separate identity. This typically happens if the individual engaged in fraud, misrepresentation, or did not follow incorporation laws. Courts may also pierce the corporate veil if corporate funds are mixed with personal assets or if the corporation is undercapitalized.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.