If a corporation liquidates infiles for bankruptcy, creditors may attach try to get control of the personal assets of the owners of the company to collect on their debts.

Question

Quizplus · Accepted Answer

In most cases, the personal assets of the owners of a corporation are separate from those of the company, and creditors cannot attach them for debts incurred by the corporation. However, there may be some exceptions, such as if the owners personally guaranteed the debts or engaged in fraudulent or illegal activities.

If a Corporation Liquidates Infiles for Bankruptcy, Creditors May Attach