Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Did the individual who purchased the business by it as a limited company? Do you have a contract?
Thank you. If the purchase price was not conditional on performance and he is refusing to pay you, quite simply you can sue him to recover the money. How much more are you owed? Kind regards AJ
Hi, Thank you. Was your contract not with him personally? Did he buy the shares in your company or the assets of your company? Kind regards AJ
Hi, Thank you. Yes you can only pursue his limited company that purchased the shares. However this company owns the company you sold so it has assets. In theory he could just put it into liquidation, but this may not be in his interest if the company has assets. Has he said he wont pay at all and wants the money written off? Kind regards AJ
Hi thank you. The legal way to recover the money in liquidation is to make a claim in the liquidation. If he has been diverting money from the company for his own gain knowing it is insolvent then you may be able to sue him personally. You need to start the process by at least commencing a court claim if the money remains unpaid.