Legal Question in Bankruptcy in California
bankruptcy assets
If someone buys the assets of a company that has been liquidated,and that person uses the old companies name,can he use the agreements the old company had before bankruptcy?Example:Say the company was a Cessna Airplane Dealer?The Dealer goes bankrupt,someone buys the assets.Is he now a Cessna Dealer or would he have to get a new agreement with Cessna?
1 Answer from Attorneys
Re: bankruptcy assets
I would think that any company would rely on the integrity, skill and knowledge of the bankrupt vendor, especially in the highly skilled industry of aviation. It sounds as if negotiations are in order with any company with which you do business. Also note that if you make the same product as the bankrupt company and assume its identity, you well might assume the liabilities for product defects and injuries that occurred before the bankruptcy.
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