VIC Commercial Law - What Happens to Stocks Left by Previous Owner?

[lacky]

A friend has bought a business around 12 months ago and is in the process of moving to another location. He cannot find any reference to whom the stock left behind belongs too or whether he can legally dispose of it. He has had it in storage for the past 12 months but due to relocating now needs to know where he stands regarding the tools/stock.

Any suggestions or ideas relating to commercial law would be greatly appreciated. Thanks

 

[Rod]

Depends on the sale contract. A Walk-out Walk-in contract will mean your friend owns the stock. If in doubt, contact the previous owner.

If your friend has been using the tools as part-of his everyday business, there's a good chance your friend owns both the tools and stock. But the contract is the key document. If nothing is in the contract, post-contract behaviour becomes important, failing that any pre-contract agreement.

 

[lacky]

Depends on the sale contract. A Walk-out Walk-in contract will mean your friend owns the stock. If in doubt, contact the previous owner.

If your friend has been using the tools as part-of his everyday business, there's a good chance your friend owns both the tools and stock. But the contract is the key document. If nothing is in the contract, post-contract behaviour becomes important, failing that any pre-contract agreement.

Thank you so much for your reply Rod, there is a bit of equipment left that does belong to the previous owner, however repeated attempts to contact them have fallen on deaf ears so we were also wondering how to approach that situation? Any ideas? Also will check contract again to find defining terminology

 

[Rod]

Read this first if value of goods is >$5k

It outlines the steps you need to take.

 

[lacky]

You're amazing, I spent 2 hours looking last night in this area but didn't go far enough lol. Thank you for your time it is much appreciated