we took over a corp & it’s now desolved are we responsible for debt of a personal guarantee of prior owner
by admin ~ May 10th, 2007 . Filed under: Credit .
heather t asked:
we took over a corp & it desolved now, there was a personal guarantee made by prior owner with a paint co are we now responsible to pay that debt
Samara Pasillas
we took over a corp & it desolved now, there was a personal guarantee made by prior owner with a paint co are we now responsible to pay that debt
Samara Pasillas
May 11th, 2007 at 1:36 pm
When you purchased the company, you purchased their assets and liabilities too. Unless it was stated in the purchase agreement that you wouldn’t have to pay for any debt, you probably are responsible for it. But you should contact an attorney anyway.