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Jamie-Law
Jamie-Law, Solicitor
Category: Law
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Experience:  Solicitor
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I would like someone experienced in business sale and

Customer Question

i would like someone experienced in business sale and purchase agreements to look over an agreement ive had from the vendors solicitors. i just want to make sure everything is how it should be.
thank you
Submitted: 10 months ago.
Category: Law
Expert:  Jamie-Law replied 10 months ago.

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

How many pages is it please?

Customer: replied 10 months ago.
Hello Jamie,it is 14 pagesregards
Expert:  Jamie-Law replied 10 months ago.

Thanks. I am able to look at this, but it would be an additional cost as it would take some time.

Jamie-Law and other Law Specialists are ready to help you
Customer: replied 10 months ago.
Hello, im buying a business that erects for sale signs for estate agents. Im paying £50k and then another 25.950 in installments over 90wks but paid monthly. I would like to know if the contract is as it should be. I would like to know if the contracts between the business and the estate agents are transferred to me, is there any restrictions on me selling the business at any point, are the loan payments terms favorable, are there any warranties given about the business etc.im happy with the stock and equipment etc.im vat registered as the vendor is too.please send me you email address and i will send over the contract
Many thanks
Mark
Expert:  Jamie-Law replied 10 months ago.

Can you attach it here?

Expert:  Jamie-Law replied 10 months ago.

Or give a download link I can go to

Customer: replied 10 months ago.
ive tried to attach it but it wont let me
Customer: replied 10 months ago.
when i click the add files nothing happens
Customer: replied 10 months ago.
can you send me your email address so i can send you the contract?thanks
Expert:  Jamie-Law replied 10 months ago.
but it can take me a few days for admin to send it to me
Customer: replied 10 months ago.
i needed an answer today so that wont work unfortunately
Expert:  Jamie-Law replied 10 months ago.

Ok - email and say its urgent. Or if you can upload it somewhere and give me a link to it

Customer: replied 10 months ago.
https://www.dropbox.com/s/49abhnep1m8u7a0/Draft%20APA%20tracked%2***-**-****.doc?dl=0
Customer: replied 10 months ago.
does that link work??
Expert:  Jamie-Law replied 10 months ago.

It does.....

Customer: replied 10 months ago.
ok great
Expert:  Jamie-Law replied 10 months ago.

£24,950 is the price plus £970 interest

You are to complete a week today

Deposit is £50k

Seller sells everything except for excluded liabilities, trade creditors, debts etc

Purchase price is in schedule 1 - , to be paid by bank transfer

Buyer pay deposit and rest of payments (but doesnt say how much). If late on instalments entitled to charge interest

Buyer to pay all wages etc

To draw up effectively a balancing invoice (who owes what) within 10 days. If disagreement referred to expert

Any liability ends Nov 16. I would be weary of this - because it means that what happens after November 16 you are liable for. I would want a bit longer.

Prices are ex VAT
Employees subject to TUPE provisions and seller will continue to pay up to the effective date of sale

Seller also confirms they are paid up to date and nothing owing after this

Buyer agrees to take on contracts,

Buyer does not get book debts, these remain with seller. I would be weary of this too -surely you would get everything? But you need to balance this against the creditors. Seller doesnt get creditors or book debts

You agree to keep this agreement and terms confidential

The agreement can be varied but in writing and signed by both parties

Governed by law of England and Wales, if a part of this agreement is deemed unenforceable by Court, it does not affect the whole agreement, does that term

Schedule 1 shows assets and goodwill

Schedule 2 shows actual equipment

3 - process for completion

4 - employees

Its a fairly standard agreement. You just need to be aware that after November any liability ends and that you dont get the creditors or book debts.

Can I clarify anything for you about this today please?

Customer: replied 10 months ago.
thats great, thank you.can you tell me what you mean by this -
You just need to be aware that after November any liability ends - liability for what?you dont get the creditors or book debts - are the book debts and creditors the customers? (estate agents)To draw up effectively a balancing invoice (who owes what) within 10 days. If disagreement referred to expert. what does this refer to?
Customer: replied 10 months ago.
does the contract say that the £50k is a deposit? Does it say what happens to that £50k? where is it held? who owns the rights to it? what is it to be used for etc?and when i take over the business, if i change the name of the business, does this have any legal effect on the contracts between the business and the estate agents? can they claim that the contract is with the old business?
Expert:  Jamie-Law replied 10 months ago.

Liability ends for everything after November.

You dont get the creditors or book debts. You get the customers.

If there is any disagreement as to the balance due, will be referred to an expert.

The deposit is to be set off against any debt. But no, the £50k is the price, not the deposit, which is £24,950

You can change the name. It does not act the agreement.

Does that clarify?

Customer: replied 10 months ago.
the liability for what ends in November? what liabilities does this refer too?what disagreement on the balance due? the purchase price balance? i understand that i pay £50 and then the monthly installments to pay off the £24,950im confused about the £50k as the deposit. What does the contract say the £50k is for? what does it say the purchase price is?does the contract say that the seller can open the same business nearby or after so long etc?
Customer: replied 10 months ago.
what disagreement on the balance due - should be - what does the agreement say about the balance due? what is the purchase price? i understand that i pay the £50k and then the monthly installments to pay off the £24,950
Expert:  Jamie-Law replied 10 months ago.

All liabilities ends on November.

Disagreement as to employees and who is owed what etc.

You pay deposit of £50k plus VAT

The purchase price is £24,950 plus £970 +
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Goodwill £63,500.00

Stock £ 6,500.00

Fixtures and Fittings £ 3,000.00

Three Vans £ 2,000.00

The Purchase Price for the Business (comprising the Assets) to be paid by the Buyer to the Seller pursuant to this agreement shall be the aggregate of the values attributed to the Assets as set out in <span
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style='mso-element:field-end'> plus the interest included in the definition of Balance.

So the purchase price are the items above, plus the £970

Customer: replied 10 months ago.
is the wording about the £50k ok? is it clear what it is for and that im paying £50k towards the purchase price? then paying the remaining monthly?when would be acceptable for the liabilities to end rather than November?and is there a restriction on the seller opening a business in competition?
Customer: replied 10 months ago.
does the contract say that the turnover figures and all other information provided to me is correct and forms part of the contract?
Expert:  Jamie-Law replied 10 months ago.

Yes the £50k is towards the price.

Does not look like a non compete clause in there. However if its not express it is implied. But you may wish, for the avoidance of any misunderstanding have something like - not to approach solicit, do work for, even if approached by customers of the business. Not to provide any similar business whether competing or not, for a period of 12 months and in radius of 30 miles.

The figures are included as a warranty of the contract

But in any event fraud trumps all if the figures are wrong

Does that assist?

Customer: replied 10 months ago.
i didnt realise that it would be fraud to supply incorrect figures. I bought a business around 6 years ago and the figures i was given included another business as well as the one i was buying. i was told that the figures i received were for the business i was buying.I dint want to be stung again like this, so what would be my plan of action if i discovered after purchase that the were not correct? would it make the agreement void? would i be able to refuse to pay the monthly payments etc?
Customer: replied 10 months ago.
i cant see the warranty section on the index of the contract, usually there is a section isnt there?
Expert:  Jamie-Law replied 10 months ago.

Yes it could be fraud, if it was misleading. There is nothing about whether the figures are correct, so it seems to be that there is reliance on that, although the agreement does not say so.

If you are the buyer, you want it in, if you are the seller, its better to keep it out