A business was sold and the shareholders were making monthly payments. For the past year they have failed to make payments. Can the past owner take back the company, in simplest terms, what is the process? How long does that usually take?
Answered on: 5/18/11, 7:38 am by Kevin B. Murphy
As a Franchise Attorney I can only say it depends on what the underlying contract(s) that document the sale provide. Were shares of stock sold or just the assets of the business? Was there a security interest in the business provided for and perfected? Taking a business back is only possible under these conditions and requires going through a legal process. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Foundations, a Professional Corporation
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