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business on the fritz

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M

mitchm

Guest
I have been running a small business in California that was owned by a much larger parent company.
Just under a year ago the parent company, strapped with debt and loss, stopped doing business. For whatever reason (I have no idea) they did not go into bankruptcy. I do know that they owed a lot of people a lot of money though.
So here I am still running this other business.
My questions are:
1) Is there any way that I can legally obtain ownership of the company that I am running? The former owners of the parent company don't really care if I take it over but are unresponsive when I attempt discussions about it. They have simply walked away from their business and have nothing to do with it any longer.
2) If I can take over ownership (and even if I can't but continue to run this business), is there any way that I (or my company) could be held responsible for debts of the parent company?

thanks.
 


ALawyer

Senior Member
I asume you are operating a separate legal entity that is a subsidiary.

You just can't take it over. You can threaten to quit, or make an offer to buy, but if they don't care or respond, there's nothing in it.

If the parent owes you money you could try to force a bankruptcy of the parent, or if it owes the sub money, ditto. It's time for the company you run to hire a lawyer to repesent it.....
 

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