If a business that was holding paid for physical/tangible assets for me goes bankrupt and is bought by another company, am I entitled to receive my assets back from the new company?

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If a business that was holding paid for physical/tangible assets for me goes bankrupt and is bought by another company, am I entitled to receive my assets back from the new company?

I am in this situation, and the new company is requiring additional payment (an additional 33% on top of the original cost, which was paid in full) to release the assets back to us. They claim the money is needed to pay back the lien but as the consumer I don’t understand how I could possibly owe more money on something that was paid in full upon ordering it. Don’t I own that property, regardless of what trouble the company got itself into?

Asked on October 25, 2012 under Bankruptcy Law, California

Answers:

MD, Member, California Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

You should consider this a fraudulent situation and either sue both companies and their owners/former owners in court (you can look up their information in the secretary of state records) or contact the state attorney general regarding the new company and explain and show proof of full payment.


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