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Thank you for your question and welcome. My name is ***** ***** I will assist you. Do you have a written agreement for the management fee? Is Company Y solvent? Do you have a detailed record of the arrears owed by Company Y? Kind regards ***** ***** I am leaving the office shortly so please do not be concerned if you do not hear from me until the morning.
Thank you. My apologies for the delay - the only problem you could with hold the money until payment is forth coming on practical terms - but without an agreed lien over the monies you would have to account to the company for money that belongs to them. You would need a "Deduction set off or counter claim clause" at the minimum to claim against these funds. Also if the company is contemplating is struggling and subsequently goes insolvent, you receiving this money could be a preference which would be subject to challenge by a liquidator. Is the company going to carry on trading? Have you asked if you can offset this money against what you are owed?