creditor owed money by a company who fake dissolved

UPDATED: Oct 2, 2022

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creditor owed money by a company who fake dissolved

I’m a creditor Dane county, WI owed money by a corporation that supposedly dissolved. I found out they were sneaky. The registered agent of the ‘dissolved’ corporation created a new corporate identity and transferred old corporate assets to the new entity to evade creditors. old business never closed – ‘new’ business remains, has similar name operates at the exact street location as old company under the old signage. Which WI law was broken here?

Asked on August 26, 2019 under Business Law, Wisconsin


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

You may well be able to "pierce the corporate veil" and sue the new corporation for the debts of the old. This is a very complex doctrine, and so at the risk of oversimplifying it, the law does not let the corporate form to be deliberately used to defraud creditors. If you can show that the "new" company is essentially the old one under a new name and took over the assets of the old one, you may be able to get the court to allow you to press you claim against the new corporate entity. A lawyer would be very helpful in doing this; if the amount at stake is not worth hiring a lawyer, Google "piercing the corporate veil Wisconsin" to see the law on, and what you need to prove, this.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

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