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Hi, Yes we purchased a website which contains the brand, it's social media sites (facebook, twitter), it's IP, it's users, databases - assets together with all accrued benefits from a going concern business (ltd company). We first setup our on Ltd. company and with the company setup made the purchase. The contract that both parties and individuals signed was 'sale of website business' and under one of the key clauses 'Liabilties' it states : (1) the seller agrees to remain solely responsible for all the debts and liabilities incurred in relation to the business and outstanding up to the completion date (save otherwise expressly provided in this agreement) (2) The seller shall be responsible for and shall indemnify the buyer against any and all debts and payments associated with financial transactions completed prior to the completion date. Hope that helps. Regards Andy
Can you explain or point me to an explanation that clarifies what this means. i.e. world at large = does that mean said customers and 'right of relief' = what does this mean.
Thank you in advance Andy
The website is a third party ticket exchange. The only assets we bought are the site itself. The assets in this case are tickets which the previous owner recieved money for. However the tickets have not yet been fulfilled. However the seller has received the money from the customers prior to the site purchase with the intention of fulfilling the tickets after completion.
document sent. thanks Andy