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Dissolving a business usually means an orderly shutdown of operation, where staff are paid redundancy money, creditors' bills are paid and all orders are fulfilled. After this, the business ceases to trade and is wound up (bank accounts closed, a lawyer certifies that all business is concluded and the regulatory authority is notified).
A business can also be dissolved by bankruptcy, where there is insufficient cash or assets in the business to meet debts and future orders, with a creditor petitioning the courts or the regulatory authority for the business to be wound up and the remaining assets seized or sold to pay debts.
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∙ 16y ago
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Business partner is authorized user on credit card and business is dissolving does the primary card holder own what was purchased by authorized user?
Ownership is an issue not covered by credit laws. There may be other statutes that deal with this issue. "Possession is nine tenths of the law" comes to mind. Creditors are only concerned with the money due them. An authorized user does not qualify as a "debtor" under the Fair Credit Reporting Act and therefore never has liability. The primary card holder would have liability regardless of who purchased the items/services and who has "ownership".
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