We bought another company assets, however a supplier of theirs wont sell to us until liabilities are resolved?
March 31st, 2009 | by Rick |
Vincent S asked:
Our company recently purchased the assets of another company (not their liabilities). A supplier for the company we purchased will not sell to US however, until the liabilities of the company we purchased company are resolved (the company we purchased owes this particular supplier money).
Our company recently purchased the assets of another company (not their liabilities). A supplier for the company we purchased will not sell to US however, until the liabilities of the company we purchased company are resolved (the company we purchased owes this particular supplier money).
This could affect our business as the aforementioned supplier is single source to us and has been qualifed by our customer.
Can this supplier legally do this to us in this situation? If not, what is the law that says so?
NICKOLAS
2 Responses to “We bought another company assets, however a supplier of theirs wont sell to us until liabilities are resolved?”
By LARRY on Mar 31, 2009 | Reply
JON
Yes, he can. It sounds like they were stiffed by the company you bought out.He’s only protecting himself.
By MAYNARD on Apr 2, 2009 | Reply
NEAL
its a bad deal which you’ve encountered. Way-out (1) Legally restrain the counterpart to utilize your assets, (which creditors can not contest) (2) To allow the counter part to execute your pending Contracts and pay the proceeds to their Creditors to wipe-out pending liabilities. (3) Pay their liabilities to their creditors attaching other assets that are mortgaged and legally compel the contractor to honour Contractual obligations. (4) Have tri-party negotiations for mutually benefited settlement (5) If everything fail prefer the suit and claim for refund of the cost of assets paid by you with interest and compensation for not executing the pending contracts for supplies.
engage a legal council.