Can the previous owner do that?
Two years ago the the owner of a small business (for profit) entered into an agreement to sell the business over a period of 5 years, to me the client. After agreeing to pay the owner 3,000 dollars a month till paid and signing said agreement, client became delinquent 20 days for the $3,000 a month ago. The previous owner decided he wanted the business back, closing any access to bank accounts, and took over the business. Now I am ready to file bankruptcy, out of a job and money! Since I have been paying them do I get any money back? Somehow this doesn't seem fair, as I paid the previous owner $72,000 for a two year vacation, and I lost everything...let me know(p.s. nothing was found in the previous contract about this) nothing has been signed currently. I also have found nothing in my agreement signed two years ago about this, Thanks
1 Answer from Attorneys
Re: Can the previous owner do that?
You may have a case, but it is impossible to know for certain based only on the information you have provided. Your attorney would need to review the contract and ask some questions about the business before deciding what your options might be. Best outcome would probably be to take over business again, but this would hinge on your ability to pay any delinquent amounts first. You should make an appointment with an attorney to sit down and discuss this.
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