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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I sold my business over a year ago and I have a dispute over

Resolved Question:

Hi
I sold my business over a year ago and I have a dispute over the final payment for the goodwill which is overdue. I would like to find a solicitor experienced in handling litigation where a party to a contract is not fulfilling their obligations.
Ian Clifton
Submitted: 5 months ago.
Category: Law
Expert:  Ash replied 5 months ago.

Hello Ian my name is ***** ***** I will help you.

How much is owing please?
Alex

Customer: replied 5 months ago.
The amount l am claiming is now is £26,400 due last October and a balance of £10,000 this coming October.
The purchaser is saying £621 now with a final payment of perhaps £15,000. Part of the problem appears to be that since the original sale the income of fees on which the contract was based has continuously gone down. I retired as a Chartered Accountant, and my solicitor who drew up the contract is now wanting to pass on to his litigation department.
Expert:  Ash replied 5 months ago.

But then does the contract say in writing how its going to be calculated or does it say that £26,400 is due etc?

Customer: replied 5 months ago.
the contract is based on the fees actually achieved in the first year and the subsequent year. Based originally on Gross Recuring Fees of £80,000'. However any shortfall is then subject to claw back in that the purchaser can apply relief of set off against of the second or third payments, if he gives notice on the 30th day prior to either of the payment dates. This was not done prior to 28th October 2015.
Expert:  Ash replied 5 months ago.

Ok - so that was not exercised and the value as per the contract remains?

So you are owed £26,400 so far and another £10,000 in October?

Customer: replied 5 months ago.
my calculation is as you say but they are saying the list of GRF is now only £55,849. But I calculate the figure should be £65,248 at the end of the first year. Since then some clients have gone hence their figure of £55,849. They also charged fees lower than the ones I was charging for the same work.
Expert:  Ash replied 5 months ago.

You need to write and set out your losses and request payment of the £26,400 within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.

If they do not pay you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://s3-eu-west-1.amazonaws.com/hmctsformfinder/n1-eng.pdf and take it to your local County Court.

The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.

If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial. If you are claiming the £26,400 plus the £10,000 future loss then it will be what is called multi-track and you will need to be represented.

Can I clarify anything for you about this today please?

Alex

Customer: replied 5 months ago.
Thank you for your reply. You have confirmed what I thought I needed to do. This seems the most sensible way forward as I was not sure that my original solicitors would have been as helpful.
Expert:  Ash replied 5 months ago.

Happy to help. If I could invite you to rate my answer before you go today please, otherwise the site does not credit me for the time spent with you today. Thanks and good luck. Alex

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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