What to do if I sold a business and cannot get paid?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if I sold a business and cannot get paid?

I sold a landscape business to an individual last year. We made a contract stating the terms for payment and listing all property included in the purchase. The contract was signed, dated and witnessed by a 3rd party as well as the puchaser and myself. The contract specifies that I have a lein against the physical property that was purchased until the terms are satisfied. The purchaser is currently extremely delinquent and has also sold some of the physical property ( a trailer ) but did not use the proceeds from the sale for payment to me. What are my options at this point?

Asked on July 10, 2012 under Business Law, North Carolina

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

From what you have writen, it seems that the buyer of your business has no intention to pay you what is owed.

As such, you should consult with a business attorney about this situation as soon as possible to review the purchase agreement, any promissory note and security agreement to see what legal recourse you have which could be filing of a lawsuit and foreclosure on security for the lien assuming the lien was properly completed and recorded.


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.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption