Business Contracts Default judgement against a dissolved corporation

[Manufacturer]

There is going to be a default judgement against my Illinois corporation. The corporation was officially dissolved with the secretary of state three months ago. The business is closed, with no assets or bank accounts. The assets prior to dissolution were sold or distributed to the stockholders. What can I expect going forward?

 

[Michael Wechsler]

You can expect to see a default judgment against a defunct corporation. Unless the plaintiff could show in a separate lawsuit that you commingled your own personal assets with the defunct corporation, or that you personally guaranteed the debt (did you?), or that you distributed assets in order to avoid the lawsuit, then it should be an uncollectable default judgment.