I own a construction company that has been going through a litigation now for 4 years. The owners is suing my company and 7 others for what he calls poor workmanship. The lawsuit is on a house that values appr. $13 million. What they are doing is dragging this through litigation making it so expensive on smaller companies. Some Lawyers have been paid into upper six figures.

I live in Florida and what I would like to do is start a new company. How can I get vehicles out of this company to use?

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Originally Posted by admar

I own a construction company that has been going through a litigation now for 4 years. The owners is suing my company and 7 others for what he calls poor workmanship. The lawsuit is on a house that values appr. $13 million. What they are doing is dragging this through litigation making it so expensive on smaller companies. Some Lawyers have been paid into upper six figures.

I live in Florida and what I would like to do is start a new company. How can I get vehicles out of this company to use?

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If you have the authority to sign for the company, the trucks are not somehow tied up as an asset in the litigation (no order not to dispose of assets) you just transfer ownership.

If you have an upper six figure Attorney I would let him/her take care of it.

My lawyer is being paid directly by me. Because liability wouldn't cover a lawsuit based on workmanship. So I have only paid appr. $3000 but many of the other subs are into high six figures.

I am the vice president of the company. My father is president. We have been in business nearly 9 years now. We don't have any bad marks against our company, but can't continue in this suit it could go on for another year. We were to go to mediation in Feb they cancelled the first mediation they requested that we pay 80,000 for a 30,000 contract that only 17,000 was paid before we were told by general contractor that everyone was removed from job.

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Originally Posted by admar

I am the vice president of the company. My father is president. We have been in business nearly 9 years now. We don't have any bad marks against our company, but can't continue in this suit it could go on for another year. We were to go to mediation in Feb they cancelled the first mediation they requested that we pay 80,000 for a 30,000 contract that only 17,000 was paid before we were told by general contractor that everyone was removed from job.

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OK - my questions before I can answer are -

Do you have the legal authority to transfer title to the vehicles;

Does the lawsuit preclude you from transferring assets.

Yes I have authority to transfer titles. I do not what the lawsuit allows me to do or not to do. All I know is that I have been going through this for years and have not seen anything, but papers from original saying I am being sued in this case.

Where would I look to determine if my assets have been frozen.

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Originally Posted by admar

Where would I look to determine if my assets have been frozen.

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Your Attorney would know - otherwise there would be an Order or agreement that you not transfer property during the pendency of the action.

Part of the issue, if the new company does not actually buy them it will be considered just moving it to hide it in case of law suit. So perhaps your one company goes bankrupt and you start a new company?

But why do you have to start a new company ?