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


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.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.