Liable for Debt of defunct company

Am I liable for debt of a company I sold 7 year ago?

When I started a corporation 15 year ago, I signed a merchant agreement with credit card processor. The standard merchant agreement has personal guarantee of the signatory.

I sold the remaining ownership to a partner 7 years ago. There was a bill of sale, and the purchase agreement stated that the buyer's responsible all liability after purchase date.

The company folded early this year, and the owner failed to respond to customers charge backs. The credit card processor can't locate the current owner, therefore, they are seeking to collect from me the fees and charge back of the defunct company. Am I liable for the debt?

- California Corporation
- I did not consent to continue the personal guaranty after selling my share