Out of business but still have lease problems

[BIGtrouble]

Please help. I had a small business that myself and 2 buddies incorporated to protect ourselves personally. The corporation has ceased operations and we subleased the space we were using but have been informed by the property owners that the subleasers have terminated their lease and they now want me to pay all the rent. I did not sign a personal gaurantee so do I have obligations to pay since my company is out of business??

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BIGtrouble:
Please help. I had a small business that myself and 2 buddies incorporated to protect ourselves personally. The corporation has ceased operations and we subleased the space we were using but have been informed by the property owners that the subleasers have terminated their lease and they now want me to pay all the rent. I did not sign a personal gaurantee so do I have obligations to pay since my company is out of business??<HR></BLOCKQUOTE>


My response:

My guess is that somewhere in that lease agreement is, in fact, a personal guarantee. Most all commercial leases have such a clause. I would re-read each and every word again, very carefully.

Let me know when you're done.

IAAL


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[BIGtrouble]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by I AM ALWAYS LIABLE:

My response:

My guess is that somewhere in that lease agreement is, in fact, a personal guarantee. Most all commercial leases have such a clause. I would re-read each and every word again, very carefully.

Let me know when you're done.

IAAL


<HR></BLOCKQUOTE>

I have re-read the lease and can find no mention of a personal gaurantee. The initial paragraph states that my company will be referred to as the "lessee" hereinafter. The rest of the lease only uses the term "lessee" and never is there a reference to me as an individual or my name. The final page I of course had to sign my name but I did indicate I was signing as an officer of the corporation.

 

[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by BIGtrouble:
I have re-read the lease and can find no mention of a personal gaurantee. The initial paragraph states that my company will be referred to as the "lessee" hereinafter. The rest of the lease only uses the term "lessee" and never is there a reference to me as an individual or my name. The final page I of course had to sign my name but I did indicate I was signing as an officer of the corporation.<HR></BLOCKQUOTE>

My response:

Tell 'em to "go pound sand." They would have to sue the defunct corporation, and then, if there were any assets of the corporation left over, then they might possibly be able to get something. Otherwise, it's a dead issue.

IAAL



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By reading the “Response” to your question or comment, you agree that: The opinions expressed herein by "I AM ALWAYS LIABLE" are designed to provide educational information only and are not intended to, nor do they, offer legal advice. Opinions expressed to you in this site are not intended to, nor does it, create an attorney-client relationship, nor does it constitute legal advice to any person reviewing such information. No electronic communication with "I AM ALWAYS LIABLE," on its own, will generate an attorney-client relationship, nor will it be considered an attorney-client privileged communication. You further agree that you will obtain your own attorney's advice and counsel for your questions responded to herein by "I AM ALWAYS LIABLE."