Purchasing corporation with debt
When a corporation is purchased in NY, the assets are transferred. Are the debts also transferred? A company has $18,000 owed to the County of Genesee in fuel purchases, and has been purchased (or signed over) to a new owner. Does the debt to the county transfer, or does it become the debt of the selling president of the corporation?
Asked on 3/06/06, 12:16 pm
1 Answer from Attorneys
Robert R. Groezinger
GroezingerLaw P.C.
Re: Purchasing corporation with debt
It depends...did the new corpoation purchase the assests and liabilities or only the assets?
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Good Luck
Answered on 3/06/06, 5:22 pm
