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A dead-and-buried company refers to a corporation or association that has ceased to exist and has no remaining assets. It falls under the category of businesses that engage in commercial or industrial activities, alongside investment companies, holding companies, and trust companies. When a small business fails to settle its debts, it may dissolve and become a dead-and-buried company, leaving no resources to pay off its creditors. On the other hand, trust companies serve as trustees for individuals and entities, and may also function as commercial banks. They are commonly employed to manage the assets of affluent individuals or families.
Yes, a dead-and-buried company can still be held liable for any outstanding debts or legal obligations. The company’s assets may be used to satisfy these obligations, even if the company is no longer operational.
You can check the company’s status with the relevant government agency or conduct a search on public databases. If the company has been dissolved or struck off the register, it is likely dead-and-buried.
Yes, you can still sue a dead-and-buried company for damages. However, it may be challenging to recover any awarded damages if the company has no remaining assets.
In some cases, it may be possible to revive a dead-and-buried company. This usually involves a legal process and meeting specific requirements set by the relevant jurisdiction.
The company’s intellectual property rights may still exist even after it is dead-and-buried. These rights may be transferred or sold to another entity or individual.
Yes, a dead-and-buried company can still be subject to legal investigations or audits. Authorities may investigate the company’s activities, especially if there are suspicions of fraud or other illegal activities.
Yes, you may still be able to claim unpaid wages or benefits from a dead-and-buried company. However, the process may be more complicated, and you may need to seek legal advice.
After a company is dead-and-buried, the shareholders or owners typically have no further rights or obligations related to the company. Their ownership interests cease to exist.
Yes, a dead-and-buried company can still be subject to tax liabilities. The company’s tax obligations may need to be settled before the dissolution or may be pursued by tax authorities afterward.
Yes, a dead-and-buried company can still be involved in legal disputes or lawsuits. However, the company’s ability to defend itself or participate in legal proceedings may be limited, depending on its status and available resources.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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