Legal Question in Credit and Debt Law in California
Can someone sell a business if they still owe money to a supplier and not pay the debt.
Asked on 7/28/11, 11:10 am
1 Answer from Attorneys
Yes, but that does not discharge the debt. Depending on the structure of the company (sole proprietorship, corporation, etc.) and the structure of the transaction for the sale of the business, the old owner, the new owner, the company, or all of them may be responsible for the debt.
Answered on 7/28/11, 11:18 am
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