i was wondering, if your company is a few million in dept, can you sell it?

[NowImDownInIt]

because the old owner sells of all his debt and can keep his house, car and does not have to file for BK so he can go on and life his life with Credit cards and loans from his bank if he wants to because his jacket is clean

the person who buys the company with the debt gets money under the table from the old owner, then plays alone for a bit as the new owner and then leaves with the cash

This is why I said that is all sounds like a big con to me.

[SouthZJ]

Well, this forum isn't really primarily a debt forum, and definitely not for European business debt. There may be better forums for this question.

I don't think any of us are qualified to answer.

i was just wondering if these things happen here too but as "keepmine" explained earlier that it will or would not work here in the US because you as a person signed a loan agreement with your lender and very likely gave personal guarantees

my original question was answered earlier i am now just replying to the posts

[SouthZJ]

it is a con there just have the problem of proving it because you can legally sell your company and you can legally buy a company in debt over there so the seller comes out clean, its the buyer the police goes after but he is long gone, there just have you by the ba..s if they can prove you payed the man to buy your company

[SouthZJ]

juat to make it clear, i dont mean anyone should do this i was just asking if that also happens here in the US and my question has been answered