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
