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Ask JGM Your Own Question
JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 11434
Experience:  30 years as a practising solicitor.
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Sold my business , buyer bought for £35,000 paid £20,000 lump

Customer Question

Sold my business , buyer bought for £35,000 paid £20,000 lump sum & £15,000 to be paid over 5 years monthly. Have service contract for 12 months at £450.00 per week. 6 month of contract gone , he says he has no money let to pay me , want to payme as work comes in , not suitable for me.
can I offer to take my equpment back to value of £15,000 and arrange for remainder of service contract be paid over certain time?
Submitted: 3 years ago.
Category: Scots Law
Expert:  JGM replied 3 years ago.
Thank you for your question. I am a commercial solicitor in Scotland.
You can do this if he is agreeable to it. If he isn't, then you can't remove equipment etc. Your option would be to sue for the monies owing to you, get a decree and enforce it by way of a charge for payment and attachment of equipment etc or followed by insolvency proceedings.
These would of course cost money. If you can get an agreement you should do so.
Happy to discuss further.
I hope this helps. Please leave a positive response so that I am credited for my time.
JGM and other Scots Law Specialists are ready to help you
Customer: replied 3 years ago.

You did not answer all questions , as he owes £15,000 for payment of business I still own business..

Expert:  JGM replied 3 years ago.
Your initial narrative said that you had sold the business so any balance of price owed would form part of your court action.

Are you now saying you didn't sell the business? What does the sale/purchase agreement say about this?