Termination of a Contract with Company in Insolvency
My question involves bankruptcy in the state of: . I had installed 12 solar panels for free (25 years contract)two and half years back and now I have sold my house. But now, the lady who brought my house says she can't buy the house with solar panels on it and she would buy it if the solar panels are removed. So, i contacted the company that installed the solar panels and found out that the company is in insolvency and the liabilities are taken by the third party. I would like to know whether I would be able to end the contract with the third party by paying some money? (then I can remove it and install it on to the house I am going to buy) If so, how much approximately would I have to pay to end the contract?
Re: Termination of a Contract with Company in Insolvency
You do not mention what US state you are in. Since you use the word "insolvency" instead of bankruptcy I am guessing you are in Canada. This forum deals with US law.
If my guess is correct, a good overview of Canadian insolvency proceedings can be found. . .
http://mcmillan.ca/files/Insolvency%...n%20Canada.pdf
A discussion forum on Canadian bankruptcy can be found. . .
http://www.bankruptcy-canada.ca/support-group/
If I am wrong, please indicate what state you are in and what chapter the business filed.
Des.
Re: Termination of a Contract with Company in Insolvency
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despritfreya
You do not mention what US state you are in. Since you use the word "insolvency" instead of bankruptcy I am guessing you are in Canada. This forum deals with US law.
If my guess is correct, a good overview of Canadian insolvency proceedings can be found. . .
http://mcmillan.ca/files/Insolvency%...n%20Canada.pdf
A discussion forum on Canadian bankruptcy can be found. . .
http://www.bankruptcy-canada.ca/support-group/
If I am wrong, please indicate what state you are in and what chapter the business filed.
Des.
Sorry to mention. I am based in UK....
Re: Termination of a Contract with Company in Insolvency
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Jackd
I have sold my house.
What, exactly, do you mean by that?
If you have already "sold" your house, it belongs to her now and you have nothing more to do with it.
If you are only in escrow, your obligations are those that are stated in the purchase contract. If the purchase contract didn't say remove the solar panels as a condition of sale, then you don't have to do anything about it and if she backs out, she's in breach and you might be able to keep any earnest money she paid.
If you don't understand the legal aspects of the sale, I suggest you consult a solicitor.
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Jackd
I would like to know whether I would be able to end the contract with the third party by paying some money? (then I can remove it and install it on to the house I am going to buy) If so, how much approximately would I have to pay to end the contract?
How are we to know what can or can't be done with the third party. We aren't mind readers.
Those are questions you should be asking of the third party.