Just purchased a website and now have an issue?

Question

I purchased a website and the previous owner has outstanding debts he hid from me. He has users on this site that he is to pay X amount of money once they get so many referrals under them. They have to cash out to get this money and they have not done so yet but they can at any time therefore putting me in MAJOR debt since I am the new owner. He got paid already for offers they did and there is nothing set back to pay these people. What can I do?

Answer 1

I agree. It's time to sue for damages.

Answer 2

Dissolve his business and refer his debts to him. Redesign and rename the business even if its only a slight change. Nowadays the person who signs for the debt is liable for it.  (But I would seek legal counsel for sure! - to be sure.)

Promptly, post an advertising, legal disclaimer stating you are not responsible for the debts of the previous owner. Refer his debt and liability to him, especially since he failed to disclose them to you.  You were intending to buy assets, I am sure and not liability.  

All the Best!

:)

Answer 3

sue the previous owner -- if it is low enough you may be able to take him to small claims court!!!