ABC Corp. is a new Connecticut corporation involved in the sales of electronic office equipment. The founders of the company are Emily Smith and William Jones. Emily is the president and William is the vice president and secretary. Emily and William wanted to save money and do not have an attorney and only put in initial capital of $100 each. Emily filed the paperwork to set up the corporation herself but never made sure that the paperwork was filed correctly. After setting up the corporation, neither Emily nor William have filed any other documents regarding the corporation including those documents required by Connecticut law nor have they prepared any internal corporate documents. To avoid any taxation and other issues, Emily and William pay many of their personal expenses out of the corporation's account. After operating for two years, ABC gets into financial trouble. ABC's assets are $1,000 and its liabilities are $600,000 to its one and only supplier, XYZ Co. ABC files bankruptcy and seeks a discharge for ABC of all its debts. XYZ sues Emily and William personally for the $600,000 debt. Please comment of the legal position of ABC, Emily, William and XYZ.