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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I entered a loan agreement with an investor of my company whereby

Resolved Question:

I entered a loan agreement with an investor of my company whereby I borrowed a sum of money. It had a repayment clause which triggered if I no longer was an employee of my company. However the agreement incorrectly name my company as Chromogenex Technology Holdings as opposed to its correct legal entity name Chromogenex Holdings Ltd. Do I have good grounds to argue that this clause is invalid as the entity named does not exist although the name may be similar to that of my company.
The lender is now seeking repayment as I am no longer employed by the company. My arguement is that this clause is invalid and the repayment it not triggered.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.I assume the money went to Chromofenex Holdings Ltd?Alex
Customer: replied 1 year ago.
It was a personal loan with funds send to my personal bank account. The repayment clause though related to my employemnt with the company but the entity named on the agreement does not exist it was named or worded incorrectly
Expert:  Ash replied 1 year ago.
But there is no dispute as to the intended recipient or that it was meant to be this company?
Customer: replied 1 year ago.
There is no dispute that the loan was made to myself. The intent was that I remain an employee of Chromogenex Holdings Ltd but on review they drafted it incorrectly so I am arguing that this clause is invalid and it will be repayable at the end of 3 years according to the other repayment clause.
Expert:  Ash replied 1 year ago.
If you refuse and it goes to court a judge will look at the intent. If there was no dispute over the identity of the party and its just a typo a judge will simply amend the agreement. Just because there is a typo does not mean it's invalid and can't be enforced. The judge will look at parties and intent. 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 t be honest. Can I clarify anything for you about this today please? Alex
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