My brother bought a Limited Company 3 years ago. At the time he bought it the purchase agreement was for the 100% transfer of shares would be paid for by 6 instalments over a 3 years period. The vendor has always invoice the Company for the 6 monthly instalments and the invoices were paid through the business . Now the company ceased traiding (is in liquidation at the moment) and still 1 instalment to be paid. The vendor is now claiming the final instalment to be paid personally by my brother. Its my brother personally liable??Legal advice?
Hi,
Hiring a lawyer for minor legal problems can be expensive, but there are websites like LawGuru, FindLaw and other places where you can get free legal advice. I found this website useful - http://www.uelp.org/freelegal.htmlLegal advice?
Your description is a little hard to follow. Your brother bought the company and is paying the vender thru the company; now the vender he bought thru is bankrupt and wants your brother to pay?
Depends on the purchase agreement; if the terms say your brother is to pay, the billing thru the company was a convienience. But if the vendor is bankrupt, he still needs to check with the bankruptcy court; the payment may be due there.
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