Law360, New York (July 30, 2013, 12:46 PM EDT) -- In a recent decision, the U.S. Court of International Trade held that a company that acquired the assets of a bankrupt entity might be held responsible for that entity's $6.8 million in unpaid Customs duties and penalties. The CIT made this finding even though the state court that approved the acquisition explicitly stated that the acquiring company would not take on the bankrupt entity's liabilities. While this case turns on an interpretation of Wisconsin state law, the situation presents a valuable reminder that any acquisition of an importing company, or a substantial portion of its assets, should include a thorough pre-acquisition review of import compliance procedures and liabilities....
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