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By garnishment I believe you are referring to a lien on the business assets as a wage garnishment would affect employee wages and a bank levy would affect a bank account What ultimately happens depends somewhat on how the company is sold:
If the company's assets are being sold but the seller is retaining its ownership shares in an LLC (single owner or partnership) or a Corporation, the seller would have to pay off the lien from the sale of the assets or the assets would not be able to be sold to the new owner as this is the purpose of a court ordered lien in the first place.
If shares of the company itself are sold the lien in place would likely transfer to the new shareholder unless the lien was on the seller as an individual instead of on the company itself. When the company sells any assets such as a company vehicle the lien could then be enforced. in some cases it is also possible to force the sale of certain assets to satisfy a judgment.
If you are referring to the wages of an employee that are being garnished after the sale a similar thing would be in effect. If the assets are sold only, the new owner is essentially forming a new company. Since the employee would be working for a new company, a new garnishment order would have to be served on him before the garnishment would take place. If the shares of the company were sold, the garnishment would continue to be enforced.
What else can I help you with?
My employeer sold her company to another company while I have garnishment. Does the employeer have to notify the debtor or do I have to what happens if neither party notify debtor?
RODHOOK
What happens to a vehicle if the financial company says they don't want it and they sue the owner for remaining balance after repossession and sale?
If the finance company has sold it, you have you answer. How can you be so stupid?
Is the owner and founder of a corporation one in the same?
No. A founder, found the company. (or started it.) This would never change. An owner, owns the company. A founder could be an owner if he started the company with his own money. If the founder started the company with someone elses money he is not the owner. If the company is sold to a new owner. The new owner would not become the founder. That is unless you sold it to the person that was already the founder.
What happens to the equity when home owner dies and the home is sold?
It goes into the deceased's estate.
What happens to license plates when a car is sold?
When a car is sold, the license plates typically stay with the car and are transferred to the new owner.
Can a company buy back its assets after bankruptcy?
Sold is sold...so if the new owner wants to sell, sure..ut there is no right to.
How did the owner of the Virginia company raise money to build their new colony?
They sold tobacco and crops.
What could happen to a person found guilty of crime in the south after the thirteenth amendment become law?
Their labor could be sold to a business owner
What happens to the all the money collected on a house if sold in a foreclosure sale?
The mortgage company gets the money.
Has Google been sold to another company?
No that,s not true google still run by his owner Larry Page and Sergey Brin.
What happens if your lender is bought by another company?
You have to pay the new company. It's still a debt and as such the debt was sold as an asset of the old company. It would be NICE if you didn't have to pay it, but you do. Yea, wouldn't it be nice if we didn't have to pay after the local finance company sold my note to GMAC?
What happens when a horse auction ends on howrse.com does it go back to the owner?
if the horse has been sold, the money will be given to the seller and the horse will be transferred to the buyer's account.if it has not been sold it will return to the seller.
