Business sale agreement breached?

[shaha77]

Hi 

I have sold my restaurant business and the buyer is refusing to pay a remaining amount of £45k.

 

I was running a business under limited company and business was sold to limited company.

 

Its 6 months now he is just giving date after date. I am lease holder of the property and the lease is in process for the new buyer.

 

If I take legal action one of his workers told me that if you take legal action against company he wil dissolved the company. 

 

I have got another party, they willing buy the business. 

 

What are my options? 

 

Can i just throw them out of business and change locks etc and sell to the other party.

 

I have got a business debt on my company loan which I am working 7 days a week to just make minimum payment.

 

I need urgent help please. 

 

All the equipment was bought by me can I take control of the goods? 

 

Restaurant is very busy and they are making but is are paying what they owe me. 

 

It was a written agreement signed in front of 3  witness. 

 

Kind regards 

[Ethel Street]

What we mainly advise on here @shaha77is consumer problems not business to business disputes, but let's see if someone here has experience and can offer you advice.

 

So it's a restaurant business. Who is running the business at the moment? You or the person you sold the business to?

 

You were the leaseholder. Are you planning to transfer the lease to the buyer or to sub let it tothe buyer? 

[mantis shrimp]

Did you get guarantees from the directors of the company? 

[shaha77]

Yes it’s restaurant business 

business is by the person I have sold  .

I am transferring lease to his name 

I have spoken to my solicitor lease is still in process. But he said I can’t remove him from lease without buyer permission. buyer is in breach of agreement.they have intentions to pay money at all . Landlord is happy to remove him from leas and leave my name . Landlord clearly said I know you and you bought the business from me not the other person (landlord were running his own business) 

At the moment lease is just contract nothing more  pending in land office 

[Ethel Street]

9 hours ago, shaha77 said:

Can just throw them out of business and change lock etc and sold to other party. I have got business debt on my company loan which I am working 7 days a week to just make minimum payment. I need urgent help please. 

All the equipment is bought by me can I take control of goods? 

 

You are already getting legal advice on this from your solicitor and they are best placed to advise you on this.

[mantis shrimp]

So no guarantees?

[shaha77]

Yes they have given personal guarantee in writing.

one of the buyer do own the house as well 

solicitor only dealing with lease agreement and he doesn’t deal with civil matters.so he  is unable to help on this matter 

There is 1 middle men who took the responsibility  for them but they are not listening to him as well and he advised  me to change the lock and stop their entry.

 

[mantis shrimp]

Bring a claim under the guarantee. 

Edited July 3, 2022 by mantis shrimp
typo corrected

[stu007]

Hi

 

IMO if the Lease has still not been transferred to this new individual you really need to speak to your solicitor dealing with this to put a stop on that transfer of Lease until the money is fully paid and for the solicitor to notify this individual of this.

 

 

 

 

[shaha77]

Yes I have told the solicitor to stop leases process 

[mantis shrimp]

Have you acted in breach of the terms of the lease by allowing someone else into possession without the landlord's consent? 

You risk losing the lease. 

[shaha77]

Landlord aware of that