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When a corporation dies, who inherits the debt?
When a corporation dies, who inherits the debt?
1 Answer
- 1 decade agoFavorite Answer
Corporations have a perpetual lifetime, meaning the assets and structure of the corporation exist beyond the lifetime of any of its shareholders, bondholders, or employees.
A corporation can file bankruptcy (usually chapter 11). In this case, the company works with the bankruptcy court to pay its creditors as much as possible. Beyond that, the creditors have to swallow the loss. That's just the risk you take in exchange for the interest you earn from lending to the corporation.
