What can we do to collect on a business debt?

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What can we do to collect on a business debt?

About 2 years ago, we sold our family business. The new owners agreed to pay a monthly 5% commission on net receipts for 3 years as part of the sale. They have not paid for about 10 months. Can we file a mechanics lien against the company for the amount owed?

Asked on October 5, 2013 under Business Law, Maine

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

No, you may not file a lien for a failure to pay commissions as per an agreement of sale. What you can and should do is to sue them for breach of contract, seeking all monies due to you under the agreement.


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