(820 ILCS 405/2600) (from Ch. 48, par. 750)
Sec. 2600.
Every assignee, receiver, trustee in bankruptcy, liquidator,
administrator, executor, sheriff, mortgagee, conditional vendor, or any
other person who shall sell substantially all of (A) the business, or (B)
the stock of goods, or (C) the furniture or fixtures, or (D) the machinery
and equipment, or (E) the goodwill of any employing unit shall, at least 7
days prior to the date of such sale, notify the Director of the name and
address of the person conducting such sale, the date, the place and the
terms of such sale and a description of the property to be sold. Any
assignee, receiver, trustee in bankruptcy, liquidator, administrator,
executor, sheriff, mortgagee, conditional vendor, or any other person who
shall fail to observe the requirements of this section shall be personally
responsible for all loss in contributions, penalties and interest
attributable to such failure to notify the Director as herein provided.
Any employing unit which shall, outside the usual course of its
business, sell or transfer substantially all or any one of the classes of
its assets hereinabove enumerated and shall cease to own said business,
shall, within 10 days after such sale or transfer, file such reports as the
Director shall prescribe and pay the contributions, interest and penalties
required by this Act with respect to wages for employment up to the date of
said sale or transfer. The purchaser or transferee shall withhold
sufficient of the purchase money to cover the amount of all contributions,
interest and penalties due and unpaid by the seller or transferor or, if
the payment of money is not involved, shall withhold the performance of the
condition that constitutes the consideration for the transfer, until such
time as the seller shall produce a receipt from the Director showing that
the contributions, interest and penalties have been paid or a certificate
that no contributions, interest or penalties are due. If the seller or
transferor shall fail to pay such contributions within the 10 days
specified, then the purchaser or transferee shall pay the money so withheld
to the Director of Employment Security. If such seller or
transferor shall fail to pay
the aforementioned contributions, interest or penalties within the 10 days
and said purchaser or transferee shall either fail to withhold such
purchase money as above required or fail to pay the same to the Director
immediately after the expiration of 10 days from the date of such sale as
above required, or shall fail to withhold the performance of the condition
that constitutes the consideration for the transfer in cases where the
payment of money is not involved or is not the sole consideration, such
purchaser or transferee shall be personally liable to the Director for the
payment to the Director of the contributions, interest and penalties
incurred by the seller or transferor up to the amount of the reasonable
value of the property acquired by him.
Any person who shall acquire any property or rights thereto which at the
time of such acquisition is subject to a valid lien in favor of the
Director shall be personally liable to the Director for a sum equal to the
amount of contributions secured by such lien but not to exceed the
reasonable value of such property acquired by him.
(Source: P.A. 83-1503.)
|