B
bill berardi
Guest
I have a customer who had signed the right to his recievables over to my old company as a form of security in order to gain a higher line of credit. He also gave them a $25,000 check to be placed in an escrow account as additional security.
My division was sold to a competitor recently and I left and went to work for another competitor. My customer has been buying from me again and he is trying to get his recievables back from my old comany along with his $25,000 plus interest.
My old company is no longer involved in my industry as they sold off my division. All of the recievables pertaining to my old division were purchased by the takeover company.
The problem is that my old company is refusing to release their right to my customer's recivables even though they sold their reievables to another company when they sold my division. They are also refusing to refund my customer's $25,000. My customer doesn't owe my old company a dime at this time.
I believe they are doing this because they know that my customer wants to do the same thing with my new employer (sign over the right to his recievables) who is a competitor to the takeover company. I think there is a quiet agreement between the two companies to try and protect the takeover company.
Is this legal? Does my customer have any recourse?
My division was sold to a competitor recently and I left and went to work for another competitor. My customer has been buying from me again and he is trying to get his recievables back from my old comany along with his $25,000 plus interest.
My old company is no longer involved in my industry as they sold off my division. All of the recievables pertaining to my old division were purchased by the takeover company.
The problem is that my old company is refusing to release their right to my customer's recivables even though they sold their reievables to another company when they sold my division. They are also refusing to refund my customer's $25,000. My customer doesn't owe my old company a dime at this time.
I believe they are doing this because they know that my customer wants to do the same thing with my new employer (sign over the right to his recievables) who is a competitor to the takeover company. I think there is a quiet agreement between the two companies to try and protect the takeover company.
Is this legal? Does my customer have any recourse?