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Question
Hi again,
I just asked you a question about my former employer. I just realized that my lawyer stated that they had an administrative dissolution. So, the owner did not choose to dissolve the corporation. The owner may still try to reinstate the corporation. If he does not, the business still exists to "wind up and liquidate it's business affairs". I guess my question is still the same. What should I do from here?
Thank you very much for any help.
Kevin
"Administrative dissolution" just means that the state dissolved the corporation for failure to pay the annual fees. It does not mean that the business no longer exists. In fact, that actually HELPS your case.
This means that if the owner has conducted ANY business after the state dissolved the corporation, then he has chosen to operate as a sole proprietor. In that case, he becomes PERSONALLY responsible for the debt. So your homework is to prove that he is still in business (should be easy, just check with the landlord). If there is any business activity, then you have the proof that you need. Check with the attorney and see what else they recommend.
Best of luck
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Answers by Expert:
Michael Fay
Expertise
My focus and specialty is in credit, so that the risk of the debt itself is minimized. This means understanding it, predicting it, and helping to correct it. Having worked in contracts & credit, I have also worked with all of the related documents such as Guarantees (personal and corporate), and Security Agreements (aka UCC’s or “liens” – but I caution you in using those interchangeably).
Experience
I have a broad background with more than 15 years in the credit industry. Ten years with Dun and Bradstreet, first as a field reporter creating reports, then in customer service, finally I served as the credit manager designing risk models for many national and international customers through D&B’s Outsourcing function. Five years with another publicly traded firm where I created the credit department and then served as credit manager for North America. At both companies we used both business and consumer data.
You probably know that both business and personal credit have scores; what you might not know is how many different types of scores there are. I am familiar with and have used many different scores in each. Also be aware that each credit type (business & personal) is unique with different processes and different time frames.
I have served on the board of directors for companies in many states and still serve in some capacity in a few. I contribute to credit publications and work with the non-profit arm of the SBA called SCORE.
Organizations
ACA International * NACM * Credit Risk Managers * SCORE (SBA)- Counselors to America’s Small Business * Payment Card Industry Network * PaymentSource.com * D&B Alumni * Psi Chi, National Honor Society for Psychologists
Education/Credentials
BIS in Business and Psychology, University of Minnesota * MBA is still in progress (on-line)
Awards and Honors
State of Colorado - State finals in Accounting and Advanced Accounting. * D&B Leadership Winner (3 times) * D&B Leadership Finalist (3 times) *
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