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Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 8136
Experience:  Solicitor
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I own 50% of the shares in my business (my wife owns the

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I own 50% of the shares in my business (my wife owns the other 50%)
Assistant: Where are you located? It matters because laws vary by location.
Customer: We decided to try to sell the business after a meeting with National business sales. After sleeping on it we decided that we didn't want to go ahead selling through them, but I rather foolishly perhaps signed a contract, but my wife did not i am in england
Assistant: Has anything been filed or reported?
Customer: filed or reported to who?
Assistant: Anything else you want the solicitor to know before I connect you?
Customer: the agreement demands an upfront fee of £7000, which I'm not comfortable with parting with as there's no guarantee of a sale

Hello my name is ***** ***** I will help you with your question today. I am reviewing it, please give me a moment.

Just to be clear, this was an agreement to find a buyer for the business?
Rather than you actually had sold the business itself?

Customer: replied 5 months ago.
to find a buyer

Ok - does the contract say it needs both of you to sign it to be binding?

Customer: replied 5 months ago.
unfortunately not

What does it say about termination?

Customer: replied 5 months ago.
i emailed them the following morning, but they replied by post the next day with quite an intimidating letter explaining they would take me to court if i didn't pay within 7 days. I have recived a further reply extending this to 14 da
Customer: replied 5 months ago.
The signature on my copy isn't actually on the dotted line, as he mustn't have had his original placed over the carbon paper correctly. I feel that they are a scam company
Customer: replied 5 months ago.
it doesn't say we both need to sign

Tehnically you are bound if you signed a contracct. But you can ask for a copy of the original.

In law, you don't get a cooling off period for a business transaction.

Therefore you are bound.

But the fact it was not signed on the dotted line, does not really matter - if you signed the contract, which you accept that you did, then it is binding,

If you refuse to pay then they can try and take you (not your wife) to Court.

If you do not live in England then the reality is, it will be hard to take you to Court.

You could dispute it and have it transferred to your home Court.

So whilst technically you are liable, enforcing the contract is an issue for the scam company.

Can I clarify anything for you about this today, please?

If not, I would appreciate a 5-star rating for my answer. If you need anything further I am available for a follow up at no extra cost.

Customer: replied 5 months ago.
If they do take me to court, which i assume they will, will i be forced to pay up or receive a CCJ?

It is possible, but a Judge may take the view that it is not payable.

Especially if they are a scam company

Does that clarify?

Customer: replied 5 months ago.
Does the fact that i have found out they have only been trading as a ltd. company for 6 months after buying out a cleaning company & have a credit limit of £500 make any difference?

None whatsoever I am afraid unless they told you otherwise.
Does that assist?

Customer: replied 5 months ago.
They told me they had traded for 18 years, but there's nothing in writing
Customer: replied 5 months ago.
The contract states that my business has been trading for over 50 years, but in fact was only registered in 2003. I don't know why they have written this

Ok - that certainly helps you trying to get out.

You can claim this is a breach of contract by fraudulent representation in breach of the Misrepresentation Act 1967.

Does that clarify?

Customer: replied 5 months ago.
that does help I think. They obviously haven't done their investigation work correctly

Indeed. Can I clarify anything for you about this today, please?

If not, I would appreciate a 5-star rating for my answer. If you need anything further I am available for a follow up at no extra cost.

Jamie-Law and 2 other Law Specialists are ready to help you