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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Hello An investor that invested into a property I had procured

Customer Question

Hello
An investor that invested into a property I had procured does not want me on board anymore (unfortunately I don't have a say as the property went in his name). He has now asked for monies back that he supposedly gave me in advance (percentage of projected profits). This was compensation (in his words) for not paying me a 'finders fee' that he had 'missed' when I had sent him the spreadsheet before purchase (another question I will field once this one has been answered if that's ok).
Although an email was sent to me and my so called business partner outlining the contract I never replied agreeing to the terms. I also never signed a contract. Amazingly my business partner did sign a contract, which I have never seen, and as the investor and my business partner are very good friends, I feel I am been outed. It had gone very quiet the last six weeks. I also never directly received any money from the investor, in fact the only monies I have received are from my business partners company, and even this is ambiguous as I am owed a great deal of money from him as well.
I have done a lot of work of this project and spent money so I have no intension of paying him any money but he is determined to go down the formal recovery process. Under the circumstance above does he have case? As if he does this will end up crippling us and I will need to put things in place or counter sue. Thank you
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

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

Alex Watts :

For now please let me know if this was a partnership rather than Limited Company?

Customer :

Hello there was no agreement at all

Alex Watts : Were you equal partners?
Customer :

No the investor was taking 95% of the profit. Then the 5% is split between me and the gentleman that introduced the investor (business partner). I was more doing the project as something to put on my CV then the money, as I hadn't worked for a while.

Alex Watts : Has anyone signed any agreement?
Alex Watts : and confirm there was no limited company?
Customer :

I believe the gentleman that introduced the investor (P) signed a contract either in his name or through a company (PP), although I have never seen sight of a contract but I do have a text from him indicating he was with a solicitor signing a contract from the investor around May time.

Alex Watts : What is it you want to achieve?
Customer :

The investor is threatening to go legal. I don't think he has a case as no monies were transferred to me and the reason for me not being involved I deemed to be greed. I just want confirmation I am on the right track?

Customer :

I also want to sue him for the finders fee on this project and another but I will open up another question for this.

Alex Watts :

Legal on what basis, what does he want to achieve?

Customer :

The money the investor transferred to 'P', in the investors words, was "a prepayment of any back-ended payment owed to you both". He is now saying I owe him half of this and he wants it back, even though I want to stay on the project, and he terminated the relationship not me. I say relationship as I have not had, or seen, or signed a contract. I believe the backend, even though it will only be 5% is a great deal of money. Obviously with me out of the picture 'P' now receives the whole 5%, or if he terminates 'P' (on paper) the investors get 100% of the profits. I know I've been scammed and I feel very stupid as I've worked so hard on this project, but I just wanted to know if he can take it further?

Alex Watts :

Was it ever discussed that it was a prepayment for a backend payment?

Customer :

yes a prepayment from the backend was emailed through to me and 'P' (quote above was from email). Although I never signed or agreed anything, nor was anything discussed to say the investor could terminate the agreement we had at anytime he decided, meaning I don't get any of the profit. I also never received any monies from the investor it was all given to 'P' company.

Alex Watts :

Ok - I dont think the investor has a case.

Alex Watts :

Nothing is in writing and signed by you.

Alex Watts :

He can't change his mind on that.

Alex Watts :

So no, I do not think there is a case there

Alex Watts :

can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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