Successor Liability Pitfalls in New York
When buying or selling a New York business or any of a business’s assets under NY law, the potential successor liability of the buyer is of primary concern. New York Successor Liability Law is complex and the following is, only, intended as a brief overview of the matter.
Successor liability in New York is a liability that the buyer of a New York company's assets may have for the liabilities of the seller of those assets performed prior to the purchase. Essentially, a buyer would be compelled to pay off the debt that the seller accumulated prior to the completion of the transaction.
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