I often get asked if its possible to collect on a judgment against a dissolved Florida corporation when the same principal has opened up a new company. If the new company is similar to the previous company, a judgment creditor can attempt collection in Florida against the new company under the legal theory that the new company is a "mere continuation" of the judgment debtor.
Factors to consider include whether the business is substantially similar to the former company; whether the principals are the same or connected to the previous principals; whether the location and facilities are the same; the clients are the same or similar; the suppliers are the same or similar and other factors which may lead a reasonable person to conclude that the new company is a "mere continuation" of the previous business. Just something to consider if you or your company find yourself holding a judgment against a dissolved corporation.
In addition to the "mere continuation" avenue to pursue collections of a judgment against a dissolved corporation, a creditor may also look to determine whether the company was properly dissolved pursaunt to the Florida Statutes and where any assets of the company may have gone following the dissolution. If any of the assets were transferred to principals or third-parties without valuable consideration, a creditor may also rely on the proceedings supplementary set forth in Florida Statutes sec. 56.29 which is a very useful tool for collections and a topic I will be blogging about more in the future.