QUESTION
Sold our company for $3.2 & financed the sale receiving $32K a month. Buyer defaulted & sold the collateral before we seized the assests. Now what?
Asked on Nov 17th, 2015 on Business Litigation - Indiana
More details to this question:
September 2014 we sold our company for $3.2 million and we financed the sale. The buyer has defaulted on the loan, run the company into the ground, sold $750K of inventory, and sold the collateral before we could take it. The assets we retrieved were worth less than $10K. He ruined relationships with the suppliers and sellers of our products. We have taken the company back and are trying to build back trust. Buyer is now trying to start up his own company using our products/secrets. We need to know how to recoup this $3 million dollar loss.
1 ANSWER
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You have a very complex process ahead of you to try and collect. You may still have rights in the collateral - it depends on wehther there was a priority lien prior to the judgment. You need to pursue the judgment debtor as directly as possible. YOu may be able to obtain injuctive relief against him.
Please contact our office to schedule time to discuss further.
Andrew J Thompson
THOMPSON LAW OFFICE LLC
(317) 564-4976
Answered on Nov 22nd, 2015 at 6:14 PM