Dead Company Law and Legal Definition
A dead company is a company or corporation that is formally dissolved but has not yet completed distributing its assets. The asset of such a company can be used to further the goals of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). Therefore, such a company can be sued under the CERCLA.
A dead company is different from a dead and buried company. A dead and buried company is a dissolved company with no remaining assets. It has ceased to exist as a "person" that can be held liable under CERCLA. [BASF Corp. v. Central Transport, 830 F. Supp. 1011 (D. Mich. 1993)].
The following is an example of a case law defining the term:
A "dead" company is a company that has dissolved, but still holds assets that can be reached by under the Comprehensive Environmental Response, Compensation and Liability Act . [BASF Corp. v. Central Transport, 830 F. Supp. 1011].
Legal Definition list
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