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Business sale agreement breach

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  • Business sale agreement breach

    I sold the restaurant business in January to a limited company both directors has given personal guarantees.6 month now they are neither giving me remaining money of £45k .neither they donít have any house so I can press charges against them.
    it was written agreement between us .
    they are dissolving the company which bought business.
    what are my options.
    lease is still in process with their name I have asked solicitor to stop lease.
    can I just change the lock and stop their entry into restaurant?
    Tags: None

  • #2
    You need to inform companies house there is an outstanding debt and the company should remain which will stop them simply dissolving the company.

    Directors personal guarantees are good to have but if the directors have no assets what use are they?

    In hindsight it would have been a good idea to carry out 'due diligence' prior to accepting the guarantees.

    You cannot 'lock them out' without a court order. You should ask your solicitor what your options are.
    Last edited by EnglandPi; 3rd July 2022, 14:23:PM.

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    • #3
      You may sue your guarantors. Your solicitor will be able to advise further. Show him or her your contract.
      Lawyer (solicitor) - retired from practice, now in academia. I do not advise by PM.

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      • #4
        Such contracts typically go on for forty or more pages. They differ widely from one to the next. We cannot possibly guess as to the content of your contracts.

        Act quickly or inccrease the risk saying goodbye to your money.

        You have a solicitor. Take his advice.

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        • #5
          It sounds like you've already taken some steps to protect yourself by having your solicitor stop the lease in the company's name. That's a wise move. However, it's important to remember that you can't just change the lock and stop their entry into the restaurant without proper legal action.
          It's worth consulting with a legal professional. They'll be able to help you navigate the legal system. And if you're looking for more general information on how to handle a business sale agreement breach, check out successionresource.com. They have a lot of great resources on how to protect yourself and your business during a sale.

          Comment

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