Legal Question in Business Law in Illinois

Business

We have few limousine that where under management of other big limousine company.Some of the cars are leased from this company by us,BUT over the last year we accumulate a huge dept towards the lease.In all this time we took care of the cars,but we did not have control over the drivers or their work schedule.The company is demanding the money in few days or they will take the cars from us and we still have to pay the dept.Do they have the legal right to do that?Way they did not breach the contract after first months of negative balance? What can we do?


Asked on 10/24/08, 11:30 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

Re: Business

Thank you for your question. I am sorry to hear about your predicament.

To be sure, you are leasing the limos from another limo company, not a bank or other lender? How are you organized - LLC/corporation? While I think there are a number of "moving parts" here, the basic answer to your question is that they may not be able to simply "take" the limos back. That is, not, at least, with following some procedure. It would largely depend on what the agreement said.

In addition, notwithstanding the agreement, there are a few mechanisms by which you could preclude them from taking back the limos.

As I said, there are a number of unknown facts that make giving you a definite answer somewhat difficult. Feel free to contact me directly: at@tracyfirm, should you wish to discuss.

Thanks

Adam Tracy

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Answered on 10/25/08, 6:01 pm


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