What do I do about this?
My company I worked for just got shut down by the bank, the bank had put a freeze on the bank account about 2 weeks ago, we have an outside payroll company and the bank reversed the debit for all payroll taxes, so our payroll is being held until they get a certified check or money wired into their account. The company claims the bank is responsible since we did have money in that account to cover it, the bank says the company is responsible. Also the bank had authorized my husband to install a new 6 ton a/c unit on the property for the general office and then bounced both checks that were written. I have informed the bank that we intend to repossess the unit, only for them to say we can't. The amount of this job was $7900.00. We are out of this money and I would like a bit of advice.
Contact a lawyer is the only advise you should listen to. Only a lawyer can do the proper research and let you know your rights.
The company is lying to you. Banks don't just reverse charges and bounce checks if there is money in the account to cover them. It doesn't work that way.
I'm not sure what the bank had to do with your hubby installing the AC, unless they were financing it for the company on a line of credit and the company overdrew the line of credit before they issued payment to you. Either way, if I was your hubby, I would be taking my AC unit no matter what anyone said if no one paid me for it. The repo man can take your car if you don't pay for it, this is no different.
call a lawyer.
Call a lawyer. It sounds like the company has gone into bankruptcy and you are now creditors to that company. You will have to go through the legal process and you will probably not get the full value of the A/C units. If the lawyer tells you differently then run don't walk to get them back.