Selling a business

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Anyone had the misfortune of dealing with a Company that could be run by anthea Turner and gerard Butler

I have received a threatening solicitors letter for the Sale of my Company that never happened

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wattsm666 said:

If not sold why are they chasing fees?

Precisely that is why I am asking - unless they are unscrupulous ambulance chasing bar stewards - has anybody else received a letter

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Steffan said:

I fear you my be operating under an illusion. If you have issued instructions to a firm of solicitors in connection with the sale of your business they may expect fees irrespective of whether the sale was effected. What does your original letter of instructions actually say?

No let me explain in 2007 I instructed anthea and gerard to sell my business they were hopeless and unsuccessful - today I received a demand for a very large fee or court action will follow

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Steffan said:

As I said before What does your original letter of instructions actually say?. In other words hat did the Solicitors letter of appointment say about the basis of fees? Were they aware they were at risk? I rather doubt it.

They are not a firm of solicitors they sell businesses cough !

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Frimley111R said:

I know the industry and know which company you are talking about (just call me Sherlock). I suspect they had an upfront fee which covers the work they do to sell your business. However there are no guarantees in them or anyone achieving this. After 7 yrs this wuold have been all over/finished.

So, firstly, have you since sold your business? If so, was it to someone they identified? Companies in the industry often have terms that say that if you do sell to a buyer they identified up to a certain period after their work finished, then they can claim their commission. I can only assume you have sold your business?

No I still own it

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anonymous said:

[redacted]

They said no win no fee and no upfront fees check their website - I don't have a copy of the agreement that was 7 years ago

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Steffan said:

There are a number of features in this matter including the time delay which need amplification to make any real sense of the problem itself. As others have said we need more detail to assess the reality of such a belated bill. Over to the OP.

What do you mean time delay

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Frimley111R said:

You instructed them in 2007 and only now are they chasing you.

No idea why ! is there a time limit ?

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Thanks for all your replies, so faced with the threat of legal action what are my options:

1. Ask for a copy of the agreement - but in so doing is that not acknowledging the debt
2. Do nothing
3. Something else

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528Sport said:

You said in an earlier post no selling price was discussed.

If they didn't discuss selling price with you they can't simply come after you for commission owed, I would assume that the commission is percentage of selling price and not a fixed fee??

Sorry I should have said agreed not discussed I cannot remember if the commission is % or fixed
The demand is based on a notional selling price it must be as I have not sold it

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richardxjr said:

Yes 6 years since you ever/last acknowledged the debt. Limitation Act 1980. Ignore if so.

ETA Be very careful not to re-acknowledge any debt through any communication.

Could somebody elaborate on this limitation - I have not acknowledged the debt in 6 years so does this stand

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DSLiverpool said:

What happened ?

Case closed - PM me for full story