Rejected Claims
You must advise creditors in writing if the corporation rejects their claim. The rejection
letter should also state that the rejected claim will be barred by statute unless the creditor
commences an action to enforce the claim within the period set by statute. The statutory period
is usually 90 days from the date of the rejection letter.
Accepted Claims
Accepted claims that are timely must either be paid or arrangements satisfactory to the
creditor must be made for repayment. For example, a creditor may agree to waive the
corporation's liability for a debt if a shareholder agrees to repay the obligation.
Dissolving a Corporation:
Corporate Action
Filing With the State
Notification to Creditors
Handling Creditors' Claims
Distribution of Remaining Assets
