can you really buy only a company's assets and leave the liabilities behind?Yep, you sure can. Those debts still exist, however. Typically the previous business continues to exist for the purpose of relieving those debts and a new business is formed.
I went through this very situation when we sold my debt-laden company. The buyer purchased the assets and we (the partners of the bought company) were left to deal with the debts separately.
Actually if done right it can be a good thing. However, if your intentions are to screw the creditor and they were dumb enough to lend money without conditions......? Somebody could get screwed and probably will.
I also had s similar experience. But none of the parties had any intent but to have a new beginning