Can Someone Help Me Understand This?

[merylsilverburg]

Hello. Can someone help me understand this little thing...I kinda get it but I also don't...ehh...big words phases me. :P

our authority to issue this Bulk Sales Stop Order and the right to demand payment from you for the seller’s unpaid liabilities owed. (See 35 ILCS 120/5j and 35 ILCS 5/902.) If you do not comply with these statutory requirements, you will become responsible for the seller’s liabilities – up to the purchase amount – after the business sales.

You must withhold $3,704.00 from the purchase amount of the business listed above. If this amount exceeds the amount of purchase, you must withhold the entire purchase amount. If the seller pays us all outstanding liabilities, we will issue a release of the Stop Order allowing you to release the required withheld amount to the seller. If the seller does not pay all outstanding liabilities, we will demand payment from you.

We reserve the right to amend the amount that we required you to withhold.

If anyone can help me understand this I would really appreciate it. Thank you in advance. :)

[IcyMourdor]

Oh wow, I have let to deal with something like this in my business courses.

I just need to get a few things straight that I am confused.

1. The word "seller" is throwing me off. Was it you or someone else that purchased something or did you actually sell something?

2. If it was you selling something, was the item not fully paid off when you sold it?

[Redpyramidhead]

Uh oh... sounds like you're in trouble... thats what i made out of that... or atleast you could be in trouble if your not careful at this point! mwahahahaha! :laugh:


_RED_ stuff

[merylsilverburg]

Oh wow, I have let to deal with something like this in my business courses.

I just need to get a few things straight that I am confused.

1. The word "seller" is throwing me off. Was it you or someone else that purchased something or did you actually sell something?

2. If it was you selling something, was the item not fully paid off when you sold it?

It's a family member of mine that bought the item...he's trying to purchase a restaurant here. :right:

[IcyMourdor]

If that is the case, then I have a couple resolutions.

1. The person/owner who is selling your family the restaurant has liabilities that he/she has yet to pay. Since your family is going to be the new owners, those liabilities will be becoming yours. This is kinda like a co-signer type deal. If he/she is unable to pay for it, you have to.

2. This is a notice to tell you to stop payments to the seller. They are saying that the amount listed is not to be paid to the seller due to his/her liabilities to the creditor.

Those are the two main possibilities that I believe it could be. The second option seems most likely to be true with the way it was worded. Is there anymore to that notice other than the two paragraphs written your first post? If so, feel free to send it to me through PM or e-mail and I can take a better look at it. Other than that, that is about the best I can do.

Good luck Meryl.