Received a rollover check after a company was sold in an asset sale

A company was sold through an asset sale.  The retirement plan was not addressed in the agreement.  All employees started with the new owner on 12/1.  We received a rollover check for a participant with a balance in the old employer's plan.  The new owner has not set up a plan and I do not see anything being set-up for 90 days.  Do you think I am okay processing the rollover check into the old plan?  The rollover was initiated prior to 12/1, however, technically the old plan now has no active employees, so I am questioning if a former employee can make a rollover into the plan.  

A unique situation for the participant, who was not aware the company was in the process of selling.  I would like to process the rollover, but what I like and what is correct may be different in this circumstance.  

Thank you.

Does the document accept rollovers from former employees, some do. Is it silent on the issue. some are. Does it specifically exclude rollovers from former employees, some do.

If the document accepts or is silent I think you have pretty good standing to process the rollover into the existing plan that it was sent to. If it excludes I think you are in something of a gray area as he was eligible when the rollover was initiated but not eligible when the rollover was received.

What does the Plan Administrator of the old plan want to do?

In my 25+ years in this business I know that the first rule is to check the plan document, so why didn't I?

The plan document does address the issue and the selection for allowing "Participants who are no longer employed" the ability to rollover into the plan is not chosen.  So I am in a potential gray area.  The Plan Administrator of the old plan wants to accept the rollover and not put the rollover check into limbo for the next 3 months.

I will get documentation when the rollover process started and get the Plan Administrator to either allow the rollover or amend the plan (which comes at a cost) to allow rollovers from participants who are no longer employed.

Thank you.

if your concern is that the plan no longer exist, just have the employee roll it into an IRA and once the new plan is established, s/he can roll it into the new plan if they want to.