Bulk Sale Stop Order

June 18, 2025
by an investor from Northeastern University in Grand Rapids, MI, USA
Hello! We are in a process of acquiring a business and just a few days away from closing and last night we found out that state issued Bulk Sale Stop Order for more than $180k. Keeping in mind this is $2M revenue business so this is a significant amount. Has anyone ever had any experience in this regard? Or any buyers came across with this and how did you resolve it? Obviously, our attorney is working on it and so is seller's. Seller claims this is a mistake from the state revenue department and I want to believe him. But in this process, we always trust but verify. I would love to know everyone's thoughts. Thanks.
from Northeastern University in Grand Rapids, MI, USA
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA