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Jenny
Jenny, Solicitor
Category: Law
Satisfied Customers: 6307
Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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Hello, I am in desperate need of some legal advice please.

Resolved Question:

Hello, I am in desperate need of some legal advice please. I recently bought an online company from so called 'friends'. I have a list of the issues since signing on the dotted line and the business becoming mine. I feel they have misrepresented the Company to me as it's not making the turnover they said it would. I have already paid them £20,700 on 29th August and the original agreement was that I would pay them in instalments after this at £1000 per month. ( I emphasized that I would need to take an underline profit of £2000 / month to be able to live as I am and pay them this amount). Since I have had the business I've made a loss each month and want to close it down. I have confirmation of the issues and have sent them a letter saying that I've been advised to 'hold' any further payments ( they want another £25,000). I have until the 27th November to put these issues to them. In the meantime they are emailing me and saying that I mustn't forget that I owe them the money and that interest will be accrued. Please would you help as to where I go from here as according to them I have over £35,000 of stock. Unfortunately due to me making a loss since taking over the business I cannot carry on with it and have had to put the website on hold although I still sell the odd one of two items on amazon and Ebay but not enough to make a living. I've since had to go out and find a full time job again. I am not willing to make any further payments at the moment as I feel they have mis represented the company. I did ask to see the books at our first meeting but they never did show them to me. I have been very naieve in all this and they roped me in good and proper. Please would you advise as I've not replied to their latest email from last night. I also don't want to be accused of ignoring them either but my accountant advised me to not communicate with them until I have spoken to someone legal about it.
Submitted: 2 years ago.
Category: Law
Expert:  Jenny replied 2 years ago.
taratill :

Hello my name is ***** ***** I am happy to help you today. Did you get anything in writing regarding the agreement?

Customer:

Hello Jenny, yes we have a 'business agreement' written up by the previous owners accountant.. I was very naeve as they told me " we don't need to get anyone else involved as our accountant has written up a brilliant agreement for both of us" I paid £75 which was half the cost but they asked me to hurry to get it signed and send it back the next day as time was of the essence. Since taking over the business it's clear the agreement is all in their favour and very unfair but being so excited and having to rush I signed it without taking a really long hard look over it.

taratill :

Sorry for the delay. Did you pay the accountant directly for this advice?

Customer:

Hello Jenny, No Louise and Simon ( the previous owners) said " no need to get anyone else involved we've had an agreement written up by our accountant Clive he's been really good to us, only charged us £150 so we can pay half each" - They paid it ( I don't even know who it is!) then I gave £75 to Simon when he came down to me on 1st Sept.

taratill :

well in the future you must be sure to get your own legal and accounting advise but I know you will already be aware of that. If you can demonstrate that you entered into the contract based on a misrepresentation or that they are in breach of contract by virtue of the fact that the business is not doing as well as they stated and you can demonstrate that this was a term of the agreement then you may be able to get out of the contract and you may be able to sue them for damages in breach of contract. This is a complex issue though and given the sums of money involved and potential liability to you it would be wise, at this stage, to seek specialist legal advice.

taratill :

If you have household insurance this often covers free legal advice insurance so this is definitely an option. If this fails then I would highly recommend seeing a local solicitor who specialises in litigation. This is one of those situations where a solictiors letter may get them to back off.

taratill :

If you have any further questions please do ask. If I have answered your question I would be grateful if you would take the time to rate my answer. Thank you and all the best.

Customer:

thank you so much Jenny. Yes I don't think I will ever be signing on a dotted line again without seeking legal advice! thanks for your help.

Jenny, Solicitor
Category: Law
Satisfied Customers: 6307
Experience: Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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