Successor Liability Attorney
We know how to handle legal issues involving complex financial claims
Who’s responsible for paying the debts or other financial liabilities for a business or corporation can be complicated, especially if a new owner or leadership team takes control of the company. When this happens, successor liability claims often occur, especially if there are any doubts about who’s obligated to repay such outstanding liabilities.
Our attorneys at Eller Tonnsen Bach, LLC can guide your business through challenging legal matters that often arise in such cases. We know what to do because we have extensive experience dealing with a wide range of business litigation cases. That’s why businesses and professionals throughout South Carolina and North Carolina choose our firm to represent them.
What is successor liability?
Successor liability is a legal term used to describe who’s responsible for any liabilities for a company following the purchase or sale of a business’ assets. Financial liabilities can cover a wide range, from outstanding business loans to outstanding bills for goods or services.
In most cases, the new owner (successor) is not responsible (liable) for paying outstanding financial obligations for the previous owner. However, there can be exceptions in certain situations, including:
- The new owner agrees to assume the financial liability in question.
- The outstanding liability is a part of a de facto merger.
- The new owner is financially affiliated with the old owner.
- The sale of the asset was a fraudulent conveyance explicitly done in an effort to avoid paying the outstanding liability.
Whatever type of successor liability case your business is dealing with, make sure you fully understand your rights and legal obligations. Make sure you talk to an experienced attorney familiar with this area of the law.
What are common successor liability cases?
Successor liability cases can cover a wide range. Some of the most common ones often involve:
- Disputes between businesses over who is responsible for paying an outstanding liability.
- Disagreement over the amount of money owed by a business.
- Debate over the legality of how the outstanding liability was sold or transferred.
The stakes can be very high in such cases. Your company’s financial future could be in jeopardy depending on who’s legally responsible for paying an outstanding debt or other financial obligations. A business savvy lawyer can review any contracts or agreements associated with such claims and explain the options available to your business.
What options exist for resolving such cases?
Every case is different. But there are often many ways to resolve such legal cases, including:
- Negotiating a financial settlement to resolve any outstanding debts.
- Hiring a mediator or arbitrator to resolve such disputes.
- Filing a lawsuit or taking other legal action.
These are just some of the methods often used to resolve legal disputes involving successor liability claims. An experienced attorney can review the details of your case and advise you on the best approach for resolving your legal matter in a timely, beneficial way.
How our law firm can help you
Our law firm understands that legal matters involving a business’ financial assets or obligations can be challenging, contentious legal cases. We also realize the urgency and financial toll such claims can take on new or existing businesses.
That’s why we never take anything for granted. We carefully research each case and develop a strategy that addresses the issues involved in your specific legal matter. We’re also conscious of performing such tasks in a timely, cost-effective manner. We respect your time and your money.
Put your trust in the law firm businesses trust when it matters most. Contact us and schedule a consultation with one of our experienced attorneys. We have the knowledge, the skills and the expertise you need to succeed on your terms.