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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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I STARTED A TEAROOM WITH MY DAUGHTER, AFTER 3 WEEKS SHE LEFT,

Resolved Question:

I STARTED A TEAROOM WITH MY DAUGHTER, AFTER 3 WEEKS SHE LEFT, THE TEAROOM WAS A SUBSIDERY OF HER BUSINESS WE BOTH PUT MONEY INTO THE TEAROOM AND VERBALLY AGREED I WOULD PAY HER £11000 FOR HER INVESTMENT. THE TEAROOM HAS NOT MADE ANY MONEY OVER THE LAST 12 MONTHS (ACCOUNTANT TAX RETURNS PROOF THIS). I HAVE NOW PAID HER THE £11000, SHE NOW STATES THIS WAS AN INTEREST FREE LOAN AND WANTS FURTHER MONIES AND UNTIL I PAY HER A FURTHER £11000 SHE WILL NOT SIGN HER 50% SHARES OVER TO ME. I HAVE NO MONEY TO PAY HER I HAVE WORKED FOR 12 MONTHS WITH NO WAGES AND HAVE INVESTED FURTHER MONIES TO KEEP THE TEAROOM OPEN.
WHAT RIGHTS DO I HAVE-SHE IS THREATENING LEGAL ACTION AGAINST ME
Submitted: 1 year ago.
Category: Law
Expert:  Jenny replied 1 year ago.
Hello my name is ***** ***** I am happy to help you today. Did you have any written agreement regarding your investment?
Customer: replied 1 year ago.
no it was a family-mother/ daughter venture
Expert:  Jenny replied 1 year ago.
So in other words just what you had verbally agreed and you had just agreed to pay her the £11,000, was this for the transfer of the business to you?
Customer: replied 1 year ago.
this is what I thought I had a letter stating she would relinquish her future interest and share in the company once the £11000
was cleared in her bank account, I paid this on the 5/10/15
Expert:  Jenny replied 1 year ago.
so to be clear you have a letter saying that if you paid the £11,000 she would relinquish her future interest?
Customer: replied 1 year ago.
yes
Expert:  Jenny replied 1 year ago.
In that case the position is pretty straightforward as the letter is evidence of the fact that this was what was agreed and she is therefore in breach of agreement (contract) by failing to relinquish the interest in the business. She has no further claim upon you for any further monies. I would suggest that you write to her stating that you have taken legal advice that the letter amounts to a contract and that if she does not relinquish her share she is in breach of contract and that she has no further right to demand money from you. She has no legal claim for any further money from you at all on the basis of what you say. Is there anything further you would like to know about this?
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Customer: replied 1 year ago.
thank you for this information I am truly grateful
Expert:  Jenny replied 1 year ago.
No problem, I hope you can sort it out.