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We sublet our building to an individual who bought our

business. He has not arrived...
We sublet our building to an individual who bought our business. He has not arrived in the country yet and is trying to sell the business. He purchased the business in his name, but the business is now a C Corp. Is there a way we can attach the proceeds of the sale of the business to make sure we will be paid for the sublease of the premises? I think he would sell the business as an individual, but would it be different if he sold it as an asset sale, then closed the business?
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Answered in 3 days by:
3/22/2018
Roy Hadavi
Category: CA Real Estate
Satisfied Customers: 1,393
Experience: Attorney at Law Offices of Rosenstein & Associates
Verified

Hi. Thank you for requesting that I assist you with this question.

Answer: Yes, you would have a claim against the proceeds of the sale of the business. In order for the corporation to have the property it would have to have paid for the property from the individual. I would be willing to bet that this individual did not receive any payment from the corporation for the business. Therefore, the corporation was not properly funded and the transfer to the corporation was not properly done. For both reasons, the proceeds of the sale would not be protected from your claim against them. In addition, the transfer of the business to the corporation would have also transferred the sublease to the corporation and/or the corporation would have to pay a lease fee to the individual, which he would have to transfer to you.

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Customer reply replied 3 months ago
Thank you, I'm still a bit confused though. How would we make this claim against the corp? The corp may be re-sold in the next month, is there a way? How could we create this claim in time for escrow?

You would need to start by getting a temporary injunction to prevent the sale.

Roy Hadavi
Category: CA Real Estate
Satisfied Customers: 1,393
Experience: Attorney at Law Offices of Rosenstein & Associates
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