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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3520
Experience:  Solicitors 2 years plus PQE
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Hi, I had some small percent share in one UK company. After

Resolved Question:

Hi,
I had some small percent share in one UK company.
After having some misunderstanding with two other shareholders I was pushed to sell my actions and to sign sales contract.
Part of the contract said that I will be paid in 3 equal payments. First one upon signing, second one after 6 months and last one after a year.
I have received first payment with 20 days latency. I haven't received second one and third one at all, and 13 months has passed.
What I would like to know is what are my options?
Is the contract breached ? Can I get my shares back or can I charge an interest and from what date?
Thanks a lot
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
How much is owed?
Who is the other party to the contract?
Kind regards
AJ
Customer: replied 2 years ago.

Sales contract was signed for 50.000 eur

15 + 15 + 20

So, they payed only 15.000 and they owe me still 35.000

Other party in contract are two co owners, the guys that I started the company with.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Is there anything in the contract that says you can:
(a) Charge interest on late payment;
(b) that upon default of the payment terms the full sum becomes due and owing.
Does the contract say the two partners are "jointly and severally" liable to you?
Finally did you sign a stock transfer form and surrender your share certificates?
Kind regards
AJ
Customer: replied 2 years ago.

I'm not sure if it's allowed to send shots or print screen of scanned contract so you can see what i have signed (i said that it was suddenly and that I was pretty much "forced" to do that) ?

but, from what I know and from what i see in the contract:

- there is no clause mentioning your sentence marked as (a)

- there is nothing mentioning your sentence marked with (b)

- i haven't seen anything mentioning jointly and severally

- i haven't signed any stock transfer form, but i think they already transferred the shares to their name

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
You should be able to share link to the document in this thread - if that would be possible that would assist greatly?
Kind regards
AJ
Customer: replied 2 years ago.

Ok,

This was my resignation letter:

http://prntscr.com/5ijtdw

This is something that I was given to sign, not sure what:

http://prntscr.com/5ijtpi

And these are pages of contract: (i have skipped the first page with buyer and seller information)

http://prntscr.com/5iju8x

http://prntscr.com/5ijufh

http://prntscr.com/5ijuuz

http://prntscr.com/5ijv0g

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
I will see if I can review this and in any event prepare an answer.
It may take me a little while so please do not be concerned if you do not hear from me straight away. I will respond with my answer and proposed options within 24 hrs.
Kind regards
AJ
Customer: replied 2 years ago.

Ok, I will be waiting

Thanks

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
I have reviewed these documents, unfortunately there are no accelerated payment terms but that does not matter because the money is now due and owing.
Firstly I am afraid you cannot charges interest because there is no statutory provision for this. You would have to claim statutory interest if you sued them in court.
Your options moving forward are to:
1. Make a formal written demand for payment - say that if all sums due and owing are not paid with 7 days you reserve the right to take all action available to you including county court action;
2. Cheaper enforcement action - serve both of them with a statutory demand for payment https://www.gov.uk/statutory-demands/overview - this will put pressure on them to pay as they will have 21 days to respond or risk bankruptcy proceedings - the risk with this is that it can easily be set aside - all they need to do is prove reasonable grounds for defending the claim;
3. Expensive but more certain option - sue them in the county court- you can charge statutory (8% per annum) - and will get awarded this if your Judgment is successful - you can then use the Judgment to take a charge on their homes or the shares as security. To commence a county court claim you need to contact your local county court and ask for an N1 claim form - this will be used to details and file your claim. I would however recommend that given the money involved you use a solicitor, as you can claim your costs back if you are successful.
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 2 years ago.

Hi,

When you were mentioning the options that I have, is there an option to terminate the contract and return the actions back to my name?

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
I am afraid this is not an option. The only way to do this would be to rescind the contract, which is unlikely to happen because a court would not deem a breach of the payment terms serious enough breach to do this.
The best you can do is sue to recover the money you are owed.
Kind regards
AJ
Customer: replied 2 years ago.

Thank you for your help.

I find your answers satisfying an i will give you perfect rating.

Igor

Expert:  Alex J. replied 2 years ago.
Thank you very much.
If I can assist any further please do not hesitate to contact me.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3520
Experience: Solicitors 2 years plus PQE
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