Massachusetts Sale of Assets of Corporation with No Necessity to Comply with Bulk Sales Laws
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FAQ
A bulk sale, sometimes called a bulk transfer, is when a business sells all or nearly all of its inventory to a single buyer and such a sale is not part of the ordinary course of business.
The Bulk Sale law places the responsibility squarely upon the Buyer's shoulders to comply with the provisions of the statutes, unless the transaction is handled through an escrow in which event the Escrow Holder becomes responsible to comply with certain provisions of the Act Section 6106.2(b).
Related Content. Also known as bulk transfer laws. These are state laws which require, among other things, a buyer to give notice to the seller's creditors if it is acquiring a significant portion of the seller's business or assets.
The bulk transfer law is designed to prevent a merchant from defrauding his or her creditors by selling the assets of a business and neglecting to pay any amounts owed the creditors. The law requires notice so that creditors may take whatever legal steps are necessary to protect their interests.
Bulk Sale Notification and Successor Liability In Massachusetts, one of the parties to a sale or transfer of assets must notify the state at least five days before the sale or transfer, and in Rhode Island, the seller must notify the state at least five days before the transaction takes place.
The key elements of a Bulk Sale are: any sale outside the ordinary course of the Seller's business. of more than half the Seller's inventory and equipment. as measured by the fair market value on the date of the Bulk Sale Agreement (Agreement).
In general, a bulk sale is a sale to a buyer of all or most of the assets of the business outside the ordinary course of business.