Circuit Finds No Successor Liability from Buying Assets and Continuing the Business

The Eighth Circuit recently held that a purchaser has no successor liability to a debtor’s unpaid creditors. Both in the business of roasting coffee, the buyer declined to directly purchase assets from the debtor because the debtor had substantial liabilities. The buyer wanted to buy the assets from the bank, who took the assets from the seller.  According to the agreement between the buyer and the bank, the bank would not be responsible for any debts owed by the debtor.

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