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This depends on the buy/sell agreement. If the agreement establish that the seller takes the liability to pay the debts for the business, then will not be transferred. But in other hand the business is sold with all liabilities (debts), then the buyer that acquire the business will be liable to the debt. Is good to establish the assets and liabilities that will go with the buy/sell agreement.
What else can I help you with?
What can a business in debt do to pay the debt?
There are many different solutions I can think of. The owners could sell part of the business, they can try some new things, they can get a loan... All good ideas.
Is it illegal for a creditor to sell your debt?
No, it is not illegal for a creditor to sell your debt.
Is it possible for you to transfer debt to another person?
Yes, it is possible to transfer debt to another person through a process called debt assignment or debt assumption. This typically involves the original debtor and the new debtor agreeing to the transfer of the debt responsibility.
Can the bank sell an overdraft to a debt recovery company?
Yes, a bank can sell an overdraft to a debt recovery company. This typically occurs when the overdraft account becomes significantly delinquent, and the bank seeks to recover the outstanding debt. Once sold, the debt recovery company takes on the responsibility of collecting the owed amount from the customer. However, the original account holder is still liable for the debt, regardless of the transfer.
Is it legal for a creditor to sell your debt?
Yes, it is legal for a creditor to sell your debt to a third party.
Is it legal for a creditor to sell an unpaid debt?
Absolutely, this occurs every day. Creditors often sell debt for pennies on the dollar. This is a very big business.
What can a business in debt do to pay the debt?
There are many different solutions I can think of. The owners could sell part of the business, they can try some new things, they can get a loan... All good ideas.
Is it illegal for a creditor to sell your debt?
No, it is not illegal for a creditor to sell your debt.
Is it possible for you to transfer debt to another person?
Yes, it is possible to transfer debt to another person through a process called debt assignment or debt assumption. This typically involves the original debtor and the new debtor agreeing to the transfer of the debt responsibility.
Can the bank sell an overdraft to a debt recovery company?
Yes, a bank can sell an overdraft to a debt recovery company. This typically occurs when the overdraft account becomes significantly delinquent, and the bank seeks to recover the outstanding debt. Once sold, the debt recovery company takes on the responsibility of collecting the owed amount from the customer. However, the original account holder is still liable for the debt, regardless of the transfer.
Is it legal for a creditor to sell your debt?
Yes, it is legal for a creditor to sell your debt to a third party.
Is it possible to transfer credit card debt to another person?
No, it is not possible to transfer credit card debt to another person. Each individual is responsible for their own credit card debt and cannot transfer it to someone else.
Can creditors legally sell your debt to another party?
Yes, creditors can legally sell your debt to another party, who then has the right to collect the debt from you.
Where can one get a business debt consolidation?
Business debt consolidations can be found in several places. The primary place they are found are in business debt consolidation firms as well as business management firms.
Debts owed by a business are called?
Debt held by businesses is called Business debt
Is it possible for you to transfer credit card debt to another person?
No, it is generally not possible to transfer credit card debt to another person. Each individual is responsible for their own credit card debt and cannot transfer it to someone else.
Is it possible to transfer debt to a trust?
Yes, it is possible to transfer debt to a trust, but the process can be complex and may have legal and financial implications. It is important to seek advice from a financial or legal professional before attempting to transfer debt to a trust.
