i was wondering, if your company is a few million in dept, can you sell it?

[SouthZJ]

I was just wondering if your company is a few million in debt and you got your money out, can you sell the company and the new owner would be responsible for the debt?

[tobee43]

do you mean debt?????

i'm not thinking this company made their millions by teaching spelling??? (sorry....since i'm the typo queen)

[SouthZJ]

Yes debt, sometimes the hands are a bit faster, its anyway just a theoretical question, it interest me if it would be possible

[NowImDownInIt]

I'm pretty sure stuff like this happens, but with full disclosure it might be difficult to find a buyer willing to take it on. I don't think anyone would buy a company without looking into the finances.

Usually you see this in a large company buying out it's disabled competition for the name or expanded market.

[SouthZJ]

I'm pretty sure stuff like this happens, but with full disclosure it might be difficult to find a buyer willing to take it on. I don't think anyone would buy a company without looking into the finances.

Usually you see this in a large company buying out it's disabled competition for the name or expanded market.

Good point,it should be quite difficult to find someone who really wants to buy a company like that,but i have seen an article in Europa where BK Business people sell there BK Company to someone who takes there fall for them to get out of the Debt, for a Cash payment and later on the person who bought the BK Company leaves the Country

[NowImDownInIt]

Huh?

Not sure about the legality of it all, but it sounds like conners conning to me.

[SouthZJ]

Huh?

Not sure about the legality of it all, but it sounds like conners conning to me.

there have a problem with the legality of it because the sale is legal, just what the new owner dose with the company is not but they can not get hold of these people because they left the country

do these things also happen here in the US or Canada?

[tobee43]

Yes debt, sometimes the hands are a bit faster, its anyway just a theoretical question, it interest me if it would be possible

usually the only time a company that is millions in debt is purchase are for reasons that may help the purchasing company "tax" wise or otherwise...however, what you have suggested here makes little or no sense...in this country it would not work...but this is what will....

if the company is in the usa and the owners are seeking to become debt free just leave the country for 10 years and it disappear...or go establish residency in canada and file bk up there...then wipe out all the usa debt...

[SouthZJ]

usually the only time a company that is millions in debt is purchase are for reasons that may help the purchasing company "tax" wise or otherwise...however, what you have suggested here makes little or no sense...in this country it would not work...but this is what will....

if the company is in the usa and the owners are seeking to become debt free just leave the country for 10 years and it disappear...or go establish residency in canada and file bk up there...then wipe out all the usa debt...

hmm interesting thanks that answers my question

[keepmine]

The problem with this idea is, you signed a loan agreement with your lender and very likely gave personal guarantees. The lender would have to agree to release you from any liability and that won't happen.

[SouthZJ]

The problem with this idea is, you signed a loan agreement with your lender and very likely gave personal guarantees. The lender would have to agree to release you from any liability and that won't happen.

i guess thats the big different, in Europa the loan is bond to the company and the company to the owner so when your company goes in debt the owner has to cover it ( there are a few exceptions but they are just for really big company's)

So when the owner changes the person responsible for the company and there accounts and debt changes too

[tobee43]

i guess thats the big different, in Europa the loan is bond to the company and the company to the owner so when your company goes in debt the owner has to cover it ( there are a few exceptions but they are just for really big company's)

So when the owner changes the person responsible for the company and there accounts and debt changes too

yes, but why in the world would anyone do such a thing...it makes no good financial or common sense...just leave for the 10 years and wipe the slate clear...or to some country that will recognize usa debt.

[NowImDownInIt]

Well, this forum isn't really primarily a debt forum, and definitely not for European business debt. There may be better forums for this question.

I don't think any of us are qualified to answer.

[SouthZJ]

yes, but why in the world would anyone do such a thing...it makes no good financial or common sense...just leave for the 10 years and wipe the slate clear...or to some country that will recognize usa debt.

because the old owner sells of all his debt and can keep his house, car and does not have to file for BK so he can go on and life his life with Credit cards and loans from his bank if he wants to because his jacket is clean

the person who buys the company with the debt gets money under the table from the old owner, then plays alone for a bit as the new owner and then leaves with the cash

[tobee43]

because the old owner sells of all his debt and can keep his house, car and does not have to file for BK so he can go on and life his life with Credit cards and loans from his bank if he wants to because his jacket is clean

the person who buys the company with the debt gets money under the table from the old owner, then plays alone for a bit as the new owner and then leaves with the cash

wow...that would be a very nice person ....and then leaves with the cash...well...karma could come into play with this one...LOL!!! and, i wouldn't want to be around when and if it comes collecting!