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hi all, new here and was hoping somebody may be able to offer some advice so will try and keep it as straight forward as possible
me and my ex partner are trying to divide our yurt tent hire business which we have been running together for the last 10 years.
before this my ex partner and his younger brother used to run the business, when me and my ex first got together they was going through financial troubles and my ex was about to go bankrupt due to large amounts of of debt and un paid tax bills and was about to lose the business all together. so I spoke with his accountant and the only way to keep the business running was for me to buy out the younger brothers half of the business and me and my ex could continue to run it together but in my name and trading as a sole trader, and so we did this for the next 10 years and grew and expanded the business.
now we have split my ex partner is moving to France and we agreed that I was going to buy him out, it was going to be a real struggle but I had come up with a plan to do that over a 2 year period. we had a meeting yesterday and turned up with his rich older business savvy brother anyway I put the offer on the table and the older brother jumped in straight away and said either pay the money straight away if not he wants to buy it instead and I won't sell he will sue me, at that point I got up and left.
a couple of hours later followed an email stating his offer and also some nasty threats, such as apparently I didn't pay the younger brother for his half of the business all those years ago(which is not true)but worried the three brothers will plot together to come up with a story. he also said that when I bought the business that it came from money the business generated which is true, I took the deposit from a job that we had on the books and paid off the younger brother, but what's wrong with doing this?
he also threatened to report me for fraud for buying a motorhome with a business bounce back loan and living in it, my business is tent hire so I work at events all over the country which can be up to a few days at a time and need somewhere to stay during these times. plus on my website the motorhome is available for hire. unfortunately when I split up from my ex I moved into the motorhome for three months as didn't have anywhere else to stay. but is this fraud.
he said if I wanted to pay over two years he wants a hold on all the stock etc, should I do this as I'm making myself liable, as on paper the business is mine
so wanted to do all this nicely but now I'm getting threatened with court cases etc which I don't have the money for, and the big brother has plenty and good lawyers too but where do I stand legally do I have to sell to the brother, have I actually done anything wrong here, how can he sue me
thanks in advance for any advice
many thanks
me and my ex partner are trying to divide our yurt tent hire business which we have been running together for the last 10 years.
before this my ex partner and his younger brother used to run the business, when me and my ex first got together they was going through financial troubles and my ex was about to go bankrupt due to large amounts of of debt and un paid tax bills and was about to lose the business all together. so I spoke with his accountant and the only way to keep the business running was for me to buy out the younger brothers half of the business and me and my ex could continue to run it together but in my name and trading as a sole trader, and so we did this for the next 10 years and grew and expanded the business.
now we have split my ex partner is moving to France and we agreed that I was going to buy him out, it was going to be a real struggle but I had come up with a plan to do that over a 2 year period. we had a meeting yesterday and turned up with his rich older business savvy brother anyway I put the offer on the table and the older brother jumped in straight away and said either pay the money straight away if not he wants to buy it instead and I won't sell he will sue me, at that point I got up and left.
a couple of hours later followed an email stating his offer and also some nasty threats, such as apparently I didn't pay the younger brother for his half of the business all those years ago(which is not true)but worried the three brothers will plot together to come up with a story. he also said that when I bought the business that it came from money the business generated which is true, I took the deposit from a job that we had on the books and paid off the younger brother, but what's wrong with doing this?
he also threatened to report me for fraud for buying a motorhome with a business bounce back loan and living in it, my business is tent hire so I work at events all over the country which can be up to a few days at a time and need somewhere to stay during these times. plus on my website the motorhome is available for hire. unfortunately when I split up from my ex I moved into the motorhome for three months as didn't have anywhere else to stay. but is this fraud.
he said if I wanted to pay over two years he wants a hold on all the stock etc, should I do this as I'm making myself liable, as on paper the business is mine
so wanted to do all this nicely but now I'm getting threatened with court cases etc which I don't have the money for, and the big brother has plenty and good lawyers too but where do I stand legally do I have to sell to the brother, have I actually done anything wrong here, how can he sue me
thanks in advance for any advice
many thanks
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