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I sold store, new owner defaulted on payments. I can put on notice, file suit but in meantime inventory gone!

I sold a furniture store, and the new owner is defaulting on promissory notes. I'm going to put him on notice, then file suit, but in the meantime, all of the assets are disappearing, so I'll get back a virtually worthless shell. What other actions can I take?

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Terry Farulla - In Legal and Insurance - Aug 15, 2011
Industry: Furniture and Fixtures

Grafton County, NH
Answers (1)
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Don Barrick

The BAF Group LLC
MD

Stop asking here and get yourself an attorney, pronto! What kind of a sale agreement did you have? What are your rights under that agreement? Did the Buyer sign personal guarantees for the note? Again, an attorney is critical, and fast.

Web reference: www.bafgroup.com

Aug 15, 2011

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