Company goes out of business

[Eks]

what happens if the company goes out of business when the priority date becomes current ?

[JoeF]

You wouldn't be able to file an I-485 then. The case would be over. The only thing you could keep would be the PD.

[kalyan_ac]

You cannot file for I485 but you can use the PD from the approved I140.

[Eks]

@JoeF & immigrationseeker:

Do i need any kind of letter from the sponsored employer in order for me to retain the PD?

I am on 7th year H1B, what happens to my h1b status ( do i need to leave the country right away?) and I-140 approval notice ( does my i-140 gets revoked automatically once the company is out of business?) now that the company is out of business?

Will the sponsored company revokes my approved I-140 since he is out of business now ?

[JoeF]

The I-140 approval notice is enough to keep the PD. It doesn't matter if the I-140 is revoked later.