Our options are to close before the suit is filed, to waste more money to defend a lawsuit, or to wait and get a default judgement and file bankruptcy, since the company has no assets?
Close it and sell the assets, well, what ever is left
Close before the suit is file or the owner will lose everything they have. It might seem pointless but you want your hole to be as shallow as possible. Getting sued will dig you deeper.
Ask your attorney it depends what you are being sued about. If you company is dead they might not get any company assets but they may go after the owners personally. If the owners are liable for anything they should defend. Even if you don't have an attorney I would take the time to go to court you will be ordered to pay court cost if you are there or not so why not go.
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