Money been owed.

helpme23

My situation is I have an outstanding bill to pay a person of whom I bought a buisnees from two years ago. The previous owner has contacted me for the remaining amount. It's 5000 . I paid the person alredy 25k..The business was sold to me with a lot of hidden agendas. This included 30 plus shops of which one shop I bought into was worth 650 a month. Now when I bought the business I was told the shop was going to open in a few weeks time new owners were taking it over. This never happened the shop was and still is in recevership. So I was led to believe the shop would open..My problem is paying this man the remainder because I'm out pocket from the shop not opening up. So I put pen to paper saying that I would pay him the full amount. Thinking I was getting a good deal and this shop would open up. It hasn't and I got a very bad deal. Now this man has approached me looking for the agreed amount to be paid. We're do I stand. He told me that the business was going very strong and in profits from the two previous years showing it through his accountancy books. When the figures were showing to me from the twon years previous to the ones I have seen the business was selling less and starting to decline .So I'm trying to sell the business now and I can't include a shop that is not open and tell somebody its making 650 a month. Where do I stand. My boss has told me that if it goes to court that it would be me getting a refund because the previous owner was not honest about the business in decline and sold to me in an act of deception. I have been working 6 days a week for the last two years self-employed and it has showed me the return that I was told the business was doing. It has gone down over a 100k in sales. I have worked for peanuts for two years. And this shop which was included in the round has not giving me the return I was told it would. Were do I stand?? Thanks.

drunkmonkey

You can't get legal advice here, you could ask over in http://www.boards.ie/vbulletin/forumdisplay.php?f=106 as there is a lot of experienced business people there to give advice.

OttoPilot

helpme23 wrote: »

My situation is I have an outstanding bill to pay a person of whom I bought a buisnees from two years ago. The previous owner has contacted me for the remaining amount. It's 5000 . I paid the person alredy 25k..The business was sold to me with a lot of hidden agendas. This included 30 plus shops of which one shop I bought into was worth 650 a month. Now when I bought the business I was told the shop was going to open in a few weeks time new owners were taking it over. This never happened the shop was and still is in recevership. So I was led to believe the shop would open..My problem is paying this man the remainder because I'm out pocket from the shop not opening up. So I put pen to paper saying that I would pay him the full amount. Thinking I was getting a good deal and this shop would open up. It hasn't and I got a very bad deal. Now this man has approached me looking for the agreed amount to be paid. We're do I stand. He told me that the business was going very strong and in profits from the two previous years showing it through his accountancy books. When the figures were showing to me from the twon years previous to the ones I have seen the business was selling less and starting to decline .So I'm trying to sell the business now and I can't include a shop that is not open and tell somebody its making 650 a month. Where do I stand. My boss has told me that if it goes to court that it would be me getting a refund because the previous owner was not honest about the business in decline and sold to me in an act of deception. I have been working 6 days a week for the last two years self-employed and it has showed me the return that I was told the business was doing. It has gone down over a 100k in sales. I have worked for peanuts for two years. And this shop which was included in the round has not giving me the return I was told it would. Were do I stand?? Thanks.

I really don't understand your situation. You say you bought a business but then you also mention a boss? 30 shops for 25k doesn't seem right, what line of business are you in? Why would someone else open the shop if you are the owner?

helpme23

OttoPilot wrote: »

I really don't understand your situation. You say you bought a business but then you also mention a boss? 30 shops for 25k doesn't seem right, what line of business are you in? Why would someone else open the shop if you are the owner?

It's a bread run. I have a manager.

nuac

/Mod/

As already advised you cannot get legal advice here.

Suggest you ask the solicitor who acted for you in this purchase

helpme23

nuac wrote: »

/Mod/

As already advised you cannot get legal advice here.

Suggest you ask the solicitor who acted for you in this purchase

Ok. But there was no solicitor involved just an agreement. Pen and paper..

nuac

/Mod/

Sorry, you cannot get legal advice here.

Suggest you talk to a solicitor

Closing thread