Posted On: 06/22/2016 9:01:43 PM
Post# of 11035
If someone get a monetary court judgment issued against them, it is a legal obligation to pay. However, not paying will not result in criminal liability. What will happen is the creditor will initiate further litigation in order to secure a levy against your bank accounts or a garnishment to take from your wages. But the creditor cannot collect from you without taking further steps with the court. IF shareholders are sued and lose, they shouldn't expect to pay anything for a good 1-2 years when you taken into account motions to dismiss, answering the complaint, summary judgment motions, discover, trial, judgment, collection suits, etc. Could even take longer than 2 years if shareholder file counter claims and interplead 3rd party defendants.
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