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    Owed money question

    I have a customer that I do side work for, and they recently got bought out. I talked to new company and they said they are only buying equipment not debt. No one is responding to me at original company. It’s right at 1500$ Anyone have any clue what to do?

    #2
    Originally posted by HUNTIN HARD View Post
    I have a customer that I do side work for, and they recently got bought out. I talked to new company and they said they are only buying equipment not debt. No one is responding to me at original company. It’s right at 1500$ Anyone have any clue what to do?
    Is it logistically feasible to have a ftf with some of the original people? That always seems to work better.

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      #3
      You can't normally buy the assets of a business and leave behind all the debts. Consult an attorney.

      Comment


        #4
        Originally posted by 2B4Him View Post
        You can't normally buy the assets of a business and leave behind all the debts. Consult an attorney.
        This was my thoughts as well. I would be finding some one to talk to in person, see how that goes, and then if push comes to shove find a lawyer.

        But at the same time for $1500 it wont take long for a lawyer to eat that up in fees and may never see anything.

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          #5
          I chased a lot of money from deals like this, I’m very motivated and the majority of the time we had to just move along.

          I hope you can get in their door brother!

          Comment


            #6
            Originally posted by Graysonhogs View Post
            Is it logistically feasible to have a ftf with some of the original people? That always seems to work better.
            Not really feasible I only dealt with local yard and they laid upper guys off.

            Originally posted by 2B4Him View Post
            You can't normally buy the assets of a business and leave behind all the debts. Consult an attorney.
            That’s kinda what I was thinking but who knows.

            Originally posted by westtexducks View Post
            This was my thoughts as well. I would be finding some one to talk to in person, see how that goes, and then if push comes to shove find a lawyer.

            But at the same time for $1500 it wont take long for a lawyer to eat that up in fees and may never see anything.
            Yep don’t think it’s worth it to talk to a lawyer.

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              #7
              Unfortunately - for $1500, you aren't looking at a good outcome. Is there an invoice/agreement in writing that you could submit to the new company?

              Then hope they would honor the work/agreement.

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                #8
                In the few transactions I've been involved in the debt was considered in the purchase price because the purchaser was going to have to pay the debt. May not always be that way though. Also may depend on whether or not the entity who was supposed to pay you still exists.

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                  #9
                  Maybe you can do work for the new owners and get the money back a little at a time?

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                    #10
                    What kind of company?

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                      #11
                      File against them in small claims court. Talk to your local JP.

                      Comment


                        #12
                        File a lien, if you can. No other info....

                        Comment


                          #13
                          Originally posted by 2B4Him View Post
                          You can't normally buy the assets of a business and leave behind all the debts. Consult an attorney.
                          Not so. This is very common and assets can be bought rather than buying the company/stock/etc. debt is still owed by the original debtor. The only logical avenue is to file in small claims court, but that is not likely to get you anything unless you know how to collect the judgement you will get.

                          Originally posted by DedDuk View Post
                          What kind of company?
                          Yep. Share the name. Big company, small company, corporation, LLC, individual?

                          Comment


                            #14
                            Large oilfield

                            Comment


                              #15
                              Originally posted by Burnadell View Post
                              Not so. This is very common and assets can be bought rather than buying the company/stock/etc. debt is still owed by the original debtor.
                              As mentioned above, see a lawyer rather than someone giving erroneous 'quasi-legal' advice. You might also google the Texas Uniform Fraudulent Transfer Act which voids asset transfers made to defraud creditors.

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