do new owners of a company have liability for an issue arising prior to them buying

[yogitrek]

Hello and an thank you for your time...

I purchased flooring from a highly rated company and now we have found out that the sealant used has failed. I was told by the sealant company rep that if the issue is the sealant they would stand behind their product but the new owner of the flooring company says that they have no need to work with us to fix this problem. My question is does the new ownership "inherit" the liability? The company has the same name, address, even phone number if that matters.

Thank you for any information you can provide!

 

[jharris352]

ABSOLUTELY when you buy a company you buy any contingent liabilities they may have. Tell the company to sell that BS to someone else and come fix the problem before you sue them. If you have further questions post here and I'll help you.