State: CA
My parents recently sold their business to (let's call him) Bob for 500k which was to be paid in monthly payments over the course of 2 years. Missing three payments in a row would automatically turn the company over to us.
Along with the business, we also had an inventory worth about another 500k which was to be paid 60 days after the close of the contract.
We had a written and signed contract, a promissory note, and a security agreement. All of the listed was signed and dated. Contract was effective at the end of May last year.
Fast forward some time... and while the initial 500k (for purchasing the business) was slowly being repaid, we have yet to receive a cent for the inventory. Then when my Auntie, who was working there as a manager, wants to take a look at the books, Bob fires her. This obviously raises suspicion on our side of things.
Then about 2 months ago, my parents decide to take legal action.
But how long a case like this might take and what the outcome of these sorts of cases usually are?
Also, what sort of process would one have to go through to seize back the assets of the property (which were used as collateral in the security agreement)?
My parents recently sold their business to (let's call him) Bob for 500k which was to be paid in monthly payments over the course of 2 years. Missing three payments in a row would automatically turn the company over to us.
Along with the business, we also had an inventory worth about another 500k which was to be paid 60 days after the close of the contract.
We had a written and signed contract, a promissory note, and a security agreement. All of the listed was signed and dated. Contract was effective at the end of May last year.
Fast forward some time... and while the initial 500k (for purchasing the business) was slowly being repaid, we have yet to receive a cent for the inventory. Then when my Auntie, who was working there as a manager, wants to take a look at the books, Bob fires her. This obviously raises suspicion on our side of things.
Then about 2 months ago, my parents decide to take legal action.
But how long a case like this might take and what the outcome of these sorts of cases usually are?
Also, what sort of process would one have to go through to seize back the assets of the property (which were used as collateral in the security agreement)?