Reply
Go Back   TexasBowhunter.com Community Discussion Forums > Topics > Around the Campfire
 
Thread Tools Display Modes
Old 05-12-2021, 09:55 AM   #1
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default 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. Itís right at 1500$ Anyone have any clue what to do?
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 09:58 AM   #2
Graysonhogs
Pope & Young
 
Graysonhogs's Avatar
 
Join Date: Jan 2012
Location: Savoy, Texas
Hunt In: Fannin/Grayson/Erath
Default

Quote:
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. Itís 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.
Graysonhogs is offline   Reply With Quote Back To The Top
Old 05-12-2021, 09:59 AM   #3
2B4Him
Ten Point
 
2B4Him's Avatar
 
Join Date: Oct 2010
Location: Aledo
Hunt In: Izoro
Default

You can't normally buy the assets of a business and leave behind all the debts. Consult an attorney.
2B4Him is online now   Reply With Quote Back To The Top
Old 05-12-2021, 10:07 AM   #4
westtexducks
Pope & Young
 
westtexducks's Avatar
 
Join Date: Jan 2012
Location: Monahans, TX
Hunt In: Where ever I can.
Default

Quote:
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.
westtexducks is online now   Reply With Quote Back To The Top
Old 05-12-2021, 10:19 AM   #5
Bucknaked
Eight Point
 
Bucknaked's Avatar
 
Join Date: Mar 2021
Location: Hallettsville
Hunt In: Lavaca , Edwards & Gillespie counties
Default

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!
Bucknaked is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:36 AM   #6
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Quote:
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.

Quote:
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.
Thatís kinda what I was thinking but who knows.

Quote:
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 donít think itís worth it to talk to a lawyer.
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:40 AM   #7
jer_james
Pope & Young
 
jer_james's Avatar
 
Join Date: Dec 2014
Location: North Dallas
Default

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.
jer_james is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:44 AM   #8
riverbowman
Eight Point
 
Join Date: Feb 2011
Location: Highland Village, TX
Default

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.
riverbowman is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:45 AM   #9
Kelmat
Six Point
 
Join Date: Jan 2016
Location: Spring
Hunt In: Shelby county
Default

Maybe you can do work for the new owners and get the money back a little at a time?
Kelmat is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:48 AM   #10
DedDuk
Six Point
 
Join Date: Aug 2018
Location: Onalaska
Hunt In: East and West TX
Default

What kind of company?
DedDuk is offline   Reply With Quote Back To The Top
Old 05-12-2021, 10:49 AM   #11
M16
Pope & Young
 
M16's Avatar
 
Join Date: Dec 2009
Hunt In: Colorado, LaSalle, ,Menard Counties
Default

File against them in small claims court. Talk to your local JP.
M16 is online now   Reply With Quote Back To The Top
Old 05-12-2021, 10:58 AM   #12
DFWPI
Pope & Young
 
DFWPI's Avatar
 
Join Date: Oct 2006
Location: Arlington
Hunt In: Jack/Young County
Default

File a lien, if you can. No other info....
DFWPI is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:27 AM   #13
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
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.

Quote:
Originally Posted by DedDuk View Post
What kind of company?
Yep. Share the name. Big company, small company, corporation, LLC, individual?
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:43 AM   #14
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Large oilfield
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:45 AM   #15
2B4Him
Ten Point
 
2B4Him's Avatar
 
Join Date: Oct 2010
Location: Aledo
Hunt In: Izoro
Default

Quote:
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.
2B4Him is online now   Reply With Quote Back To The Top
Old 05-12-2021, 11:49 AM   #16
SmTx
Pope & Young
 
SmTx's Avatar
 
Join Date: Sep 2008
Location: San Marcos/Hempstead
Hunt In: Jim Wells
Default

If company A is out of money and selling company B equipment it looks like company A now has some money to pay you your $1500
SmTx is online now   Reply With Quote Back To The Top
Old 05-12-2021, 11:50 AM   #17
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by HUNTIN HARD View Post
Large oilfield
Large oilfield what?

Are they in financial trouble? Solid or near bankruptcy?

What is the name of the company?
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:53 AM   #18
RMW
Ten Point
 
RMW's Avatar
 
Join Date: Nov 2015
Location: Burr
Hunt In: Down South
Default

File a lien
RMW is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:55 AM   #19
Bluesman
Pope & Young
 
Bluesman's Avatar
 
Join Date: Oct 2006
Location: The Woodlands
Hunt In: Retired Bowhunter
Default

Without purchase orders, billing statements, and Invoices there is only good faith which probably doesn't hold water.
I'm far from being a lawyer but have seen companies having to pay "bad debts" of the seller.
Bluesman is offline   Reply With Quote Back To The Top
Old 05-12-2021, 12:13 PM   #20
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by DFWPI View Post
File a lien, if you can. No other info....
Quote:
Originally Posted by RMW View Post
File a lien
With this advice, can you explain to the OP how he does that and what assets would he file the lien against?
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 12:14 PM   #21
DFWPI
Pope & Young
 
DFWPI's Avatar
 
Join Date: Oct 2006
Location: Arlington
Hunt In: Jack/Young County
Default

Quote:
Originally Posted by Burnadell View Post
With this advice, can you explain to the OP how he does that?
Research it would be my advice

Sent from my SM-G998U using Tapatalk
DFWPI is offline   Reply With Quote Back To The Top
Old 05-12-2021, 12:14 PM   #22
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by dfwpi View Post
research it would be my advice

sent from my sm-g998u using tapatalk
smh.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 12:18 PM   #23
DFWPI
Pope & Young
 
DFWPI's Avatar
 
Join Date: Oct 2006
Location: Arlington
Hunt In: Jack/Young County
Default

Quote:
Originally Posted by Burnadell View Post
smh.
Don't shake to hard, it might hurt you. Now, if you were wanting me to do all the research and assist in filing, I could give you a TBH discount. I do still work some PI cases, but not as much these days.

Sent from my SM-G998U using Tapatalk
DFWPI is offline   Reply With Quote Back To The Top
Old 05-12-2021, 12:23 PM   #24
twistedmidnite
Ten Point
 
twistedmidnite's Avatar
 
Join Date: Jun 2009
Location: Gilmer, TX
Hunt In: texas
Default

What kind of equipment is it and can you pinpoint it to any one particular job that they are doing with the said piece of equipment?
twistedmidnite is offline   Reply With Quote Back To The Top
Old 05-12-2021, 05:43 PM   #25
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Huntin Hard, you asked us for advice, yet you won’t answer our questions to provide more information so we can answer your question more accurately.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 07:21 PM   #26
RiverRat1
Pope & Young
 
RiverRat1's Avatar
 
Join Date: Dec 2007
Location: Leander
Hunt In: San Saba
Default

Quote:
Originally Posted by HUNTIN HARD View Post
Large oilfield
Go sit in their main office and just don't leave until you talk to someone who can/will help.
RiverRat1 is online now   Reply With Quote Back To The Top
Old 05-12-2021, 09:07 PM   #27
wdtorque
Ten Point
 
wdtorque's Avatar
 
Join Date: Nov 2013
Default

Quote:
Originally Posted by RiverRat1 View Post
Go sit in their main office and just don't leave until you talk to someone who can/will help.

This. And a bag of McDonaldís with fries and a cooler for drinks. Park it and they will come


Sent from my iPhone using Tapatalk
wdtorque is offline   Reply With Quote Back To The Top
Old 05-12-2021, 09:12 PM   #28
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by 2B4Him View Post
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.
I haven't had any reason to be concerned with fraudulent transfers since i was a banker, but I'm pretty sure it doesn't come into play here. It generally deals with insider transfers and other issues that apparently are not involved here, but we don't know for sure because we don't have all the facts.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 09:12 PM   #29
SabineHunter
Ten Point
 
Join Date: Oct 2019
Default

Quote:
Originally Posted by RiverRat1 View Post
Go sit in their main office and just don't leave until you talk to someone who can/will help.
I agree. They wouldn't want to look at my ugly mug too long.
SabineHunter is online now   Reply With Quote Back To The Top
Old 05-12-2021, 09:39 PM   #30
Kingfisher789
Ten Point
 
Kingfisher789's Avatar
 
Join Date: Feb 2017
Location: Austin. Jim Ned Creek
Hunt In: Tivydale. Nix. Brownwood
Default

Send a warning shot. Registered letter.
Kingfisher789 is online now   Reply With Quote Back To The Top
Old 05-12-2021, 10:02 PM   #31
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Quote:
Originally Posted by Burnadell View Post
I haven't had any reason to be concerned with fraudulent transfers since i was a banker, but I'm pretty sure it doesn't come into play here. It generally deals with insider transfers and other issues that apparently are not involved here, but we don't know for sure because we don't have all the facts.
Iím not sure who it is matters, but itís a work over rig company. Donít know if I want to say who it is yet. Money problems? Iím not sure. They got bought out so maybe. Downhole tool that I rebuild. What others questions
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:03 PM   #32
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

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.

Details do matter. If the company that owes you the money is bankrupt, then you should file a claim with the bankruptcy court. Without a name, how does one determine if they are in bankruptcy? Is it a corporation? LLC? Sole Proprietor? Partnership? If a general partnership, you may be able to file a claim against the general partners individually. How does one find out who they are? By the name of the debtor.

As I said earlier, I would file a claim in JP Court (small claims court). You most likely will get a judgment. Then I would attach the debtors bank account. Of course I would need to know where that is. I would know that by the previous checks that they paid me with. Also, I would file a Writ of Attachment in the county deed records if they own real estate. If they do, I would eventually get paid with interest

Quote:
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?
You asked if we have a clue. I do, but not without more information. Good luck on collecting your debt.

Incidentally, I am not an attorney, nor am I offering legal advice.

Edit: I added some more info above regarding filing a lien in the county.

Last edited by Burnadell; 05-12-2021 at 11:16 PM.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:17 PM   #33
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Your correct never had intention contacting a lawyer not really worth it. I guess my main question was I didn’t know you could purchase a company and not take on the debt. No they are not bankrupt. Yes they are a corporation.
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:26 PM   #34
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Quote:
Originally Posted by Burnadell View Post
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.

Details do matter. If the company that owes you the money is bankrupt, then you should file a claim with the bankruptcy court. Without a name, how does one determine if they are in bankruptcy? Is it a corporation? LLC? Sole Proprietor? Partnership? If a general partnership, you may be able to file a claim against the general partners individually. How does one find out who they are? By the name of the debtor.

As I said earlier, I would file a claim in JP Court (small claims court). You most likely will get a judgment. Then I would attach the debtors bank account. Of course I would need to know where that is. I would know that by the previous checks that they paid me with. Also, I would file a Writ of Attachment in the county deed records if they own real estate. If they do, I would eventually get paid with interest



You asked if we have a clue. I do, but not without more information. Good luck on collecting your debt.

Incidentally, I am not an attorney, nor am I offering legal advice.

Edit: I added some more info above regarding filing a lien in the county.
Thank you and everyone else for all the information. Not trying to be difficult just never been in this boat before. They were communicating with me and now nothing. Trying to answer the best I can
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:41 PM   #35
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by HUNTIN HARD View Post
Thank you and everyone else for all the information. Not trying to be difficult just never been in this boat before. They were communicating with me and now nothing. Trying to answer the best I can

Was trying to help you get out of that boat and help you collect your money.....as you asked.

Forget it.

Good luck.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:42 PM   #36
sharkhunter
Pope & Young
 
sharkhunter's Avatar
 
Join Date: Dec 2006
Location: Tarkington , TX
Hunt In: In the woods
Default

Unless it’s 10k or more it’s useless to get a lawyer. They take half and usually settle for less so you get nothing. If it was a LLC your out of luck getting it from the old owners if they won’t pay voluntarily. Also if the new company is setup under a different tax ID they don’t have to pay a cent of the old debt as they are not associated with the old company. If it’s past 90days you can’t file a lien even if they are. Small claims court is probably your best option if there’s even a company of person to file on.

I worked for a company one time that went under and just closed the doors and walked off which is different then bankrupt and to this day old vendors call me wanting to know when I’m going to make payment snd that was 5 years ago. For whatever reason they don’t understand I only worked there and had nothing to do with the financials. It’s amazing what people that have been in business for years don’t know.

Last edited by sharkhunter; 05-13-2021 at 12:17 AM.
sharkhunter is offline   Reply With Quote Back To The Top
Old 05-12-2021, 11:43 PM   #37
JTeLarkin08
Pope & Young
 
JTeLarkin08's Avatar
 
Join Date: Apr 2008
Location: Aledo
Hunt In: Weatherford/Childress
Default

My last job in the oilfield proved to me that you cant get people to pay for ****.. My dads company has had close to 300k in invoices not paid over the years.. That worked when things were busy.. Not so much when they arent..
JTeLarkin08 is offline   Reply With Quote Back To The Top
Old 05-13-2021, 05:40 AM   #38
RiverRat1
Pope & Young
 
RiverRat1's Avatar
 
Join Date: Dec 2007
Location: Leander
Hunt In: San Saba
Default

Quote:
Originally Posted by HUNTIN HARD View Post
Your correct never had intention contacting a lawyer not really worth it. I guess my main question was I didnít know you could purchase a company and not take on the debt. No they are not bankrupt. Yes they are a corporation.
Did they buy the name of the company? It's legal to sell equipment, customers, buildings etc..without selling the company (name, llc, corp etc)
RiverRat1 is online now   Reply With Quote Back To The Top
Old 05-13-2021, 06:58 AM   #39
CLR
Eight Point
 
CLR's Avatar
 
Join Date: Oct 2008
Location: Inez, TX
Hunt In: Refugio County
Default

Sounds a lot like CC Forbes to me.
CLR is offline   Reply With Quote Back To The Top
Old 05-13-2021, 06:59 AM   #40
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Quote:
Originally Posted by Burnadell View Post
Was trying to help you get out of that boat and help you collect your money.....as you asked.

Forget it.

Good luck.
I know your trying to help thatís why I was thanking you. Confused why your saying forget it?? I was just saying Iíve never been owed money this way and trying to answer your question best I can. Again thank you
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-13-2021, 07:00 AM   #41
HUNTIN HARD
Ten Point
 
HUNTIN HARD's Avatar
 
Join Date: Oct 2006
Location: Victoria, TX
Hunt In: Refugio, Africa
Default

Quote:
Originally Posted by RiverRat1 View Post
Did they buy the name of the company? It's legal to sell equipment, customers, buildings etc..without selling the company (name, llc, corp etc)
Just the company
HUNTIN HARD is offline   Reply With Quote Back To The Top
Old 05-13-2021, 07:28 AM   #42
Graysonhogs
Pope & Young
 
Graysonhogs's Avatar
 
Join Date: Jan 2012
Location: Savoy, Texas
Hunt In: Fannin/Grayson/Erath
Default Owed money question

Quote:
Originally Posted by RiverRat1 View Post
Go sit in their main office and just don't leave until you talk to someone who can/will help.


I think youíd get tased pretty quickly, Tim


Sent from my iPhone using Tapatalk Pro
Graysonhogs is offline   Reply With Quote Back To The Top
Old 05-13-2021, 09:06 AM   #43
JonBoy
Pope & Young
 
JonBoy's Avatar
 
Join Date: Aug 2008
Location: Boerne, TX
Hunt In: Doss, TX
Default

Quote:
Originally Posted by DFWPI View Post
File a lien, if you can. No other info....
This is what I was thinking, but don't have a clue how to do it. At the very least they have to clear the liens before the purchase?...

Last edited by JonBoy; 05-13-2021 at 09:16 AM.
JonBoy is offline   Reply With Quote Back To The Top
Old 05-13-2021, 10:58 AM   #44
Burnadell
Pope & Young
 
Burnadell's Avatar
 
Join Date: Oct 2006
Location: White Oak
Hunt In: Bee County
Default

Quote:
Originally Posted by HUNTIN HARD View Post
I know your trying to help thatís why I was thanking you. Confused why your saying forget it?? I was just saying Iíve never been owed money this way and trying to answer your question best I can. Again thank you
I didn't mean for you to forget trying to collect your money. I meant forget me trying to help you because I got tired of asking for pertinent information and not getting an informative response. Somebody owes you $1500, and you sought advice. I tried offering advice, yet could not draw it out of you that's why I said to forget it. I don't understand the secrecy when they owe you money!

I was a banker for 24 years. I know how to collect money. I guarantee if they owed me $1500, I could collect it.
Burnadell is offline   Reply With Quote Back To The Top
Old 05-13-2021, 11:11 AM   #45
rolylane6
Eight Point
 
rolylane6's Avatar
 
Join Date: Oct 2019
Location: North Texas
Hunt In: Wise county
Default

Huntinhard, sounds like a PM to Burnadell is the way to go. Maybe you feel more comfortable sharing info if not public? Sounds like he may be your guy.

Sent from my SM-N970U using Tapatalk
rolylane6 is offline   Reply With Quote Back To The Top
Old 05-13-2021, 11:52 AM   #46
M16
Pope & Young
 
M16's Avatar
 
Join Date: Dec 2009
Hunt In: Colorado, LaSalle, ,Menard Counties
Default

Quote:
Originally Posted by Burnadell View Post

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 donít think beating the hell out of a deadbeat is still acceptable in this day and age.
M16 is online now   Reply With Quote Back To The Top
Old 05-13-2021, 12:03 PM   #47
warrington
Ten Point
 
Join Date: Jan 2007
Location: Heath, TX
Hunt In: Abilene
Default

Reach out to the guy that got bought out. He has the money. File a suit in small claims court
warrington is online now   Reply With Quote Back To The Top
Old 05-13-2021, 12:18 PM   #48
ny bowhunter
Ten Point
 
ny bowhunter's Avatar
 
Join Date: Oct 2006
Location: Ohio, USA
Hunt In: Ohio, Kentucky (New York pre 2009)
Default

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.
ny bowhunter is offline   Reply With Quote Back To The Top
Old 05-13-2021, 01:36 PM   #49
PYBUCK
Pope & Young
 
PYBUCK's Avatar
 
Join Date: Apr 2007
Location: Rankin, Tx
Hunt In: Upton County
Default

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.
PYBUCK is offline   Reply With Quote Back To The Top
Old 05-13-2021, 02:05 PM   #50
duckmanep
Pope & Young
 
duckmanep's Avatar
 
Join Date: Oct 2012
Location: Northeast TX
Default

repossession not an option here?
duckmanep is offline   Reply With Quote Back To The Top
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 12:42 PM.


Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2021, vBulletin Solutions Inc.
Copyright 1999-2012, TexasBowhunter.com