Originally Posted by
Often1
While this is going to be a matter of each state's contract law, it is more than likely that if the cards are open in the business name, you are responsible for them in all senses. Calling to cancel is not likely enough and it is certainly a counterpoint if you agreed to keep them open.
Among the things on the fairly common checklist of "to do" itens when one sells a business is closing, in wriiting, any trade lines for which you are currently responsible.
Have you checked to make certain that there are no unpaid balances or anything else subject to the bankruptcy stay which affect you?
All debts for which our entity (and we personally) was/were responsible were satisfied in full in 2013 and the sale included indemnity and "hold harmless" provisions. The buyers had to establish all new tradelines and accounts. We insisted upon that for just this reason. Nothing remains for which we could be responsible.
Most importantly; all the cards have always been paid business and personal. The account is and always has been in good standing with on time payments. The successor entities/buyers may have had their own American Express accounts, I don't know. I cannot imagine how I could be held responsible for the actions of the buyers and/or the bankruptcy given this.