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Private Company Share Purchase / Buy Out

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StressedOutPurchaser View Drop Down
Newbie
Newbie


Joined: 01/February/2017
Location: Australia
Posts: 1
  Quote StressedOutPurchaser Quote  Post ReplyReply Direct Link To This Post Topic: Private Company Share Purchase / Buy Out
    Posted: 01/February/2017 at 18:27
Hey Everyone,
I had a painful business partner relationship that I ended at the start of January, Our agreement to spit was that we buy out his shares in the company. The payment for the shares was a mix of 1 x Client at 25k Revenue, 1 x Copy of software we developed and balance of cash.

The agreed date of contract was the 31st January 2017, i sent 3 x signed copies last week and emailed one scanned copy too.

He is demanding I pay out the cash prior to him releasing any signed documents which I think is absurd. I have in good faith released his software and client but the cash would be all one sided and no sign of commitment from him.

This guy has damaged my business beyond belief in 6 months and continues to impact me after 1 month of crap and now this. Can someone please help me with any feedback on this, the way i see it two parties sign and agreement then we have to hold up our sides of the contract. But to pay him out without a signed agreement is just a joke. He tells me to pay it into his solicitors trust account but thats no different to paying him.

Thanks in advance for any feedback

citizen-joe View Drop Down
Senior Member
Senior Member


Joined: 09/October/2005
Location: Australia
Posts: 726
  Quote citizen-joe Quote  Post ReplyReply Direct Link To This Post Posted: 02/February/2017 at 02:44
Did you engage a solicitor to draw up the details of the end of the business relationship? If so go back to him. If not you are going to need one now.

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