A US citizen living in Vermont owns a foreign company that holds a boat as an asset within the company. A US broker is contracted to sell the boat for a 10% commission. The broker is not responsive to offers and the Foreign company sells the boat to a US citizen after import to the US on its own.
Now the broker wants the 10% commission. Is there a way for the broker to collect from the US citizen that owns the foreign company if the foreign company has no assets now and the monies from the boat sale proceeds have been transferred out of the company account? The foreign company is worthless at this point.
It's difficult to say based on these facts alone. It could depend on the provisions of the brokerage agreement, communications between the parties, and other issues. Good luck
Tim Akpinar
