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Seller of business challenges bankruptcy discharge of owner’s personal guarantee of buyer’s note because owner did not disclose to seller a Department of Labor obligation

Posted on by John McCauley

Seller was based in the greater Houston area, and owned and operated a franchise business which provided the elderly with in-home care services. Buyer’s Owners (husband and wife) wanted to buy the business from Seller. Seller and Buyer’s Owners negotiated…

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Posted in discharge in bankruptcy, misleading personal financial statement, personal guaranty, promissory note

Buyer lost business because he withheld note payments owed to seller upon buyer’s discovery of seller’s fraud where note was secured by seller’s stock

Posted on by John McCauley

Sellers were the owners of Company, a waste collection, disposal, and processing company engaged in business in the Washington, D.C. area. In 2016, Sellers decided to retire. In February 2016, Sellers proposed to sell Company to Buyer, who had served…

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Posted in offset right, post asset purchase issues, promissory note

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