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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I lent my son an amount of money to buy a coffee bar.Being

Resolved Question:

I lent my son an amount of money to buy a coffee bar.Being my son we had a gentleman agreement that he would not do anything to jeopardise my money but without me knowing signed with somebody who may or may not have put money into the business.This person then reneged on his side of the deal to take an active part in the business and is now sending threatening letters demanding money from my son.How can I stop this and protect my investment.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know how much you invested?

Customer:

Hello,£65.000

Alex Watts :

And nothing is in writing?

Alex Watts :

Is it a Limited Company or sole trader/partnership?

Customer:

No nothing,as i said he's my son and it was a gentlemans agreement

Alex Watts :

ok

Customer:

as i understand it a sole trader/partnership

Alex Watts :

Ok. So there is someone else in the partnership. What is it you want to achieve?

Customer:

Two things,i need to get rid of the the problem of the third party as it is not known how much he has invested as he cannot show invoices to substanciate his claim on the business and i do not want to alienate my relationship with my son

Alex Watts :

1. Sadly you can't get rid of the third party. That is a matter between your son and this person.

Alex Watts :

Unless there was a written contract you have no say in who your son can have in the business

Alex Watts :

Sadly all you can do at this stage is demand your £65,000 back and take him to Court if he refuses

Alex Watts :

But the difficulty is there is nothing in writing whatsoever.

Alex Watts :

If there had been then any contract would have set out each parties rights and responsibilities.

Alex Watts :

But you have no say in the running of the business as there is no contract to support this.

Alex Watts :

I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

What can be done about the other parties claim for money without any showing of money owed to him as he seem's to have picked a sum out of the air without any proof the sum being £45.000

Customer:

I do have bankers draughts showing where the money went

Customer:

are you still on-line

Alex Watts :

Yes I am here

Alex Watts :

That is a matter between your son and that person.

Alex Watts :

The person would need to provide evidence of the £45,000

Alex Watts :

But again I would hope there is some sort of written agreement between them

Alex Watts :

Does that help?

Ash and other Law Specialists are ready to help you