We have a contract with someone that we sold our moving company to

We had a contract w/ someone to buy our moving comp for 17000 & make monthly payments of 1000 on the 1 for 17 month.On May 1 he never paid us. After 30 day it goes into default & he has to give back the comp. He is 31 days late. What should we do now? We really don’t want it back we want the money.

Asked on June 2, 2009 under Business Law, Florida

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

I would need to know some more facts and have the contract to read.  However, did the purchaser sign a promissory note to personally guarantee that he would pay you in full?  If so, you can sue him and attach his house/bank accounts/other asserts to collect the money.  Does the purchaser have assets?  you can sue the purchaser if permitted in the event of a default.  If you do not want the company back, and the contract requires him to do that - which i cannot imagine it does - can you secure a new buyer?  Again, i would need to know more facts.  perhaps you can re-send the question with answers to my q's.  Again, if the contract permits you to sue the guy, take that route.


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