Whats the legal term for when you take on a contract with all its debts (but also benefits?

Question

I have taken on a contract from another company where they are no longer tradiing. I have paid a sum of money for their business assets plus their contracts. If there is money due back on any of their conracts or accounts should this come to me? If so whats the term?

Answer 1

Assignment is the term, and depending on what the original contract says, you may have some right to uncollected monies.