company ceases operations 5500s not filed

[Guest padmin]

Over 100 participant company ceases operations( sold out in an asset sale) and then very quickly shut down. Prior two years 5500s and audits not complete. If the plan administrator( the company) ceases to exist is there any liability for failure to file?...Personal liability for former officers/trustees?

[Guest b2kates]

I am shooting from the hip. I had a similar situation with a client. Corporation was the Plan administrator. It is my recollection that the penalty is assessed against the Plan administrator.

In my previous situation, the Service reached through to the person who had signed the previous 5500s and initially asserted a penalty against him. We filed form 5500 without the audit and wrote a letter requesting abatement of penalty.

I believe the Service did ultimately abate, but I lost contact with client prior to resolution