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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 8653
Experience:  30 years of corporate, litigation and international law
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Hello, Ive sold my business and didnt receive full payment.

Resolved Question:

Hello,
I've sold my business and didnt receive full payment. The last payment was due on May 15th. The store is still under my name until the full paymnet is received. Is it legal for me to enter the strore and take it back if the final payemnt is not received?
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 5 years ago.

When you say the store is in your name does that mean the store is a corporation and you still have all the stock or is it a sole proprietorship that is just doing business under the name you used when you sold it?

 

Did you retain a security interest in any of the store's assets when you sold thj business

Customer: replied 5 years ago.

The store is a corporation. I still have this corproation under mine name. They opened their own corporation, but the store lease is still under my personal name. I was waiting for the last payments to transfer the lease to them.

 

New owners are already working in the store.

 

Expert:  Richard - Bizlaw replied 5 years ago.

I assume you did not create a specific sublease for their new corporation. Assuming that is the case, you may be able to seek to evict them. However, you will need to retain counsel as someone needs to review the documentation to see if this is a viable interpreation of the situation.

 

Customer: replied 5 years ago.

I am not clear from your answer if I can go let's say tomorrow to the store and start working there since they didnt provide full payment. Please clarify.

Expert:  Richard - Bizlaw replied 5 years ago.

I do not kow what you mean by goint there to start working. The new owners are using the space you lease. Their payments cover your lease obligations among other things. Before you can move them out or operate in their store, you need to have legal authority to do that. If you had a security interest in the assets of the store, you could foreclose on them to get your past due payment. In order to take back possession of the leased space, you have to get an order of eviction. This assumes you have a landlord tenant relationship. Without reviewing the documents governing the sale, I cannot say exactly what your relationship is to the new owners. That is why you would need a lawyer to review the documents to advise you on how to proceed.

 

You always have the option of going to court (small claims is the amount is not too high) to get a judgment for the last payment.

 

Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 8653
Experience: 30 years of corporate, litigation and international law
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