What happens to cap exemption if I apply for a new company H1b after my I-94 expires?

[zuberi]

I've been working at a U.S. company for last 3 years, and soon I need to renew my i-94 (by end of this September).
But that company is going out of business and it is almost certain that it would not be possible. So I need to find another company and transfer my visa.
However in the worst case if I fail to find a new company by then, I will need to leave the country before i-94 expires.
I am wondering, if this happens, can I still apply to another U.S. company for H1B without cap restriction, or do I need to start over from scratch?
By the way, the visa itself is valid until September of 2014. Thank you.

[shervin143]

Any U.S employer can file you a H1B petition using the CAP from the previous H1B approval notice irrespective of whether you are inside or outside U.S and irrespective of whether the current petition is valid or expired. YOu don't have to file the petition under a fresh new CAP.

[zuberi]

Any U.S employer can file you a H1B petition using the CAP from the previous H1B approval notice irrespective of whether you are inside or outside U.S and irrespective of whether the current petition is valid or expired. YOu don't have to file the petition under a fresh new CAP.

Thank you so much for the answer Shervin, but if my current petition is expired, doesn't that mean I'm in illegal status, therefore filing would be impossible?

[shervin143]

You cannot stay in U.S beyond your I-94 expiry date unless a transfer or an extension is already filed and is approved (with a new I-94) or is pending with USCIS. If yo stay beyond your I-94 expiry date, then it will be treated as illegal stay.

Thank you so much for the answer Shervin, but if my current petition is expired, doesn't that mean I'm in illegal status, therefore filing would be impossible?