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What is Corporate Liability Post-Dissolution Explained about?

1) Insular Sawmill, Inc. leased property from Guillermina M. Gelano and her husband Carlos Gelano, and advanced Carlos cash that he did not fully repay. 2) The spouses also purchased lumber on credit and took out a loan, portions of which they did not repay. 3) Insular Sawmill filed a collection complaint against the spouses after the corporation amended its articles to end its existence, but beyond the 3 year winding up period. 4) The court ruled that while a dissolved corporation only has 3 years to w

Author

Eumir Songcuya

Language

EN