Legal Question in Business Law in Nevada
Upholding an Insertion order
If an individual sells his corporation to a new owner, but owes us debt that the new owners refuse to absorb, what is my recourse?
I have proof of advertising under contract, which holds him personally liable since he signed the contract. He sold the company to new owners to ''avoid declaring bankruptcy''. Please advise
1 Answer from Attorneys
Re: Upholding an Insertion order
If he signed a personal guarantee, you need to sue him. If he sold the stock of the corporation to a new owner, the new owner is liable; if he just sold the assets, the new owner is not liable.
Since he is financially strapped, I doubt that you can find a lawyer to take it on a contingency but I would probably only charge two thousand dollars based upon your representations as I believe that I could win the case without a trial.
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