Customer liquidating assets

September 6, 2019

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Q. We have a customer who owes us money. He is trying to sell his business assetsĀ and claims he is going to pay when he sells. We would like to have a legal document, promissory note or something similar. Has anyone run into this situation? What advice do they have as to best documents to use? Best approach? A. (Answered by IOFM Senior Training Judy Bicking) Be very careful here. First, you must follow your policies and procedures (P&Ps) for late payments. If this customer can't sell their…

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Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
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