Legal Question in Business Law in California
Sale of Business / Default of Payments
If someone has agreed to buy your
business, including all debt and the
payments are defaulted on: who is
responsible for the debt?
2 Answers from Attorneys
Re: Sale of Business / Default of Payments
Whoever signed on the loans. Then they get to sue/counter-sue the defaulting buyer for indemnity. Good luck.
Re: Sale of Business / Default of Payments
The short answer is that if your transaction was properly drafted, the person purchasing the business debt is responsible for the debt. Did the creditor sign off on the transfer? Was there an indemnification clause? Was the agreement properly executed? There are many questions I have. Feel free to contact me if you would like me review the documentation and consider representing you in a law suit.
Sincerely,
RP/415.377.3919
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