Owed money question

[M16]

I was a banker for 24 years. I know how to collect money. I guarantee if they owed me $1500, I could collect it.

Things may have changed since your banking days. I don’t think beating the hell out of a deadbeat is still acceptable in this day and age.

[warrington]

Reach out to the guy that got bought out. He has the money. File a suit in small claims court

[ny bowhunter]

Burnadell is correct. Lots of info about asset only sales. Here's an excerpt about it I pulled from divestopedia online:

An asset sale is completed only when the assets (as opposed to the common shares) of a company are acquired by a buyer. The buyer may incorporate a new company or use an existing company to acquire selected assets, along with management and contracts. This means the seller that sold the assets retains ownership of the company, and must pay all of the existing liabilities and debts before taking the net cash proceeds.

An asset sale carries much less risk for a a buyer since any liabilities (disclosed or undisclosed) as well as any contingent expenses (e.g., pending litigation or tax reassessments) stay back with the selling company. The due diligence can then focus on vetting the fair market value of the assets being acquired, as well as the quality of the contracts and employees being transferred over.

[PYBUCK]

If the original company sold their assets, they have money to pay their debts. I would file a claim in small claims court regardless of whether you collect or not. They will pay you rather than spending time or money to go to court.

[duckmanep]

repossession not an option here?

[SPUD]

Things may have changed since your banking days. I don’t think beating the hell out of a deadbeat is still acceptable in this day and age.

he doesn't care what the calendar year says...he whips arse

[twistedmidnite]

I'm not sure if this applies here but it may. I have a side gig commercial construction company. When I do a job I'm required to get release of lein from all of my material supply companies and turn into the company I'm contracted to. If it's possible to find a job they are using this tool on that you rebuilt then possibly you can go to whoever owns the well and threaten to put a lein and maybe they will not pay the ones who are screwing you until they pay the debt. Once again, I'm not sure if it applies here.

[Burnadell]

Go sit in their main office and just don't leave until you talk to someone who can/will help.

Nobody in a branch office with the new company is going to be able to help him.

Send a warning shot. Registered letter.

What good is that going to do?

Reach out to the guy that got bought out. He has the money. File a suit in small claims court

Most likely was not a "guy" that got bought out' likely a company with a corporate shell insulating the shareholder(s).

If the original company sold their assets, they have money to pay their debts. I would file a claim in small claims court regardless of whether you collect or not. They will pay you rather than spending time or money to go to court.

This is exactly what I have said above. Then, after getting a Judgement from the JP court, he can commence to (trying to) collect on the Judgement...that is the more difficult part, but it can (often) be done...not always. It depends on the exact entity that owes the money and determining if that specific entity has a bank account in that name.

repossession not an option here?

Nope.

I'm not sure if this applies here but it may. I have a side gig commercial construction company. When I do a job I'm required to get release of lein from all of my material supply companies and turn into the company I'm contracted to. If it's possible to find a job they are using this tool on that you rebuilt then possibly you can go to whoever owns the well and threaten to put a lein and maybe they will not pay the ones who are screwing you until they pay the debt. Once again, I'm not sure if it applies here.

You are referring to a Mechanic's and Materialmans's Lien, and I'm pretty sure that only applies to real estate.

https://texaslawhelp.org/article/texas-mechanics-and-materialmens-liens-guide-self-employed-contractors-and-construction-workers

[RifleBowPistol]

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

This is your best bet, and how I have done things a few times. Other options are you will probably spend money chasing that money and never get that money.

[BlackoutRam2500]

If it were me I'd get on the vendor list with the new outfit. Bid some work then change order the $1,500 over the next several projects until I was made whole.

Sent from my SM-N975U1 using Tapatalk

[RINCON]

@burnadell...didn’t you communicate “forget it” two days ago?

You keep coming back...that’s nice of you.

[Tommyh]

You can't expect to ask an attorney (as several have suggested) for advice without providing her with details. Attorney fees would probably exceed the amount of the claim.

Did you just assume the attorney’s gender???

[Burnadell]

@burnadell...didn’t you communicate “forget it” two days ago?

You keep coming back...that’s nice of you.

The OP and I have communicated by PM. I’m just trying to help. Nothing more, nothing less.

Did you just assume the attorney’s gender???

Tommy, you win the prize for being observant! I have been waiting for someone to catch that!