Printed From: AussieLegal
Category: Business, Commercial, Property, Contracts, IP
Forum Name: Franchises, Leases, Litigation, Trusts, Building, Debts
Printed Date: 19/April/2019 at 08:45
Topic: Vendor Finance
Posted By: Koala321
Subject: Vendor Finance
Date Posted: 18/April/2018 at 15:55
Hello, I have got a vendor finance question.
I am currently in a business partnership with two other partners, unfortunately the business partnership has gone saur and I am looking to sell my share. I have a someone interested in purchasing my share but this person is unable to obtain finance from a bank. At this stage I am considering vendor financing the deal. Has anyone got experience in vendor finance? Particularly if it is possible to include a clause in the loan document, that in case of default or the business going bankrupt the money owed to me will be paid before any payments are made to other creditors. Business is incorporated company pty ltd.
Posted By: citizen-joe
Date Posted: 18/April/2018 at 21:11
These sort of agreements can go sour, get a solicitor to draw it up for you to reduce the chance of loop holes.