44. A buyer files the C-9600, but cedes his rights to another party before the conclusion. Does the assignee also file Form C-9600, when none of the terms of the sales contract has changed, with the exception of the replacement of the new purchaser? Third, the sale must represent more than half (in value) of the seller`s inventory and equipment. For example, a sale of one-third of a seller`s inventory would not be a bulk sale, even if the other bulk sales criteria are met. There are two transactions: the transaction between the seller and the auction house and the other between the auction house and the final buyer. The obligation to terminate the first transaction: the auction house is the party responsible for informing the state of the sale. Although not the buyer, it is a assignee (if the assets have been moved to the auction site), or a assignee (the sale rights of the investment assigned in the name of the owner). Therefore, the auction house must notify the service before the sale. After notification, the service may require the auction house to meet an amount required to meet N.J.S.A. 54:50-38 (c). 6. Who notified the division of the imposition of a bulk sale? The bulk sale can generate a capital gain subject to income tax. In addition, a company that liquidates assets may be required to make last-year payments of revenue taxes, withholding tax, etc.

All criminal taxes/defects due by the seller can also be collected. Second, at least 12 business days prior to the sale (1), the buyer must note the notice of sale in bulk in the Kreisschreiber`s office, (2) publish the notice in a local general edition newspaper and (3) forward the mass notice of sale to the county tax collector. A “business day” is a day other than a Saturday, a Sunday or a national holiday. (Bulk sales rules can also be applied when real estate is transferred other than a sale. See P.L. 1995 Chapter 161 (C54:32B-22C) and P.L. 2007, about 100, para. 5, codified as N.J.S.A. 54:50-38.) In general, a bulk sale is a sale to a buyer of all or most of the company`s assets outside of normal activity. The purpose of the legislation is to reduce the likelihood that the owner of a business will sell all or most of the assets of a business and then disappear with the money, so that the creditors will not be paid. In most cases, when a transaction is a bulk sale, creditors must be informed of the transaction. In some cases, the Bulk Sales Act requires that the purchase price be placed in a trust fund so that the seller`s creditors can deposit claims into the trust fund and be paid.

If a formal claim is deposited in a timely manner by a creditor in the trust fund, the agent must pay the debt in cash in the trust fund. A formal application is one that is due and payable before the date of the bulk sale. A timely submission is made in writing and will be received on the filing date or prior to the filing date of the applications provided for in the mass sale release. However, in the case of these types of transactions, the buyer generally owes the seller a portion of the purchase price, either in the form of a trust fund after closing or an explicit withholding of the purchase price for a specified period (which, in both cases, can protect the buyer from hidden claims), or in the form of a deferred payment of the purchase price (usually a debt).