QUESTION
In 2/2019 sold my S Corp to the owner of an LLC.,payable/mo. until 12/31/20. Default states I should be granted a return of assets." What is included?
Asked on May 30th, 2020 on Breach of Contract - Florida
More details to this question:
Buyer and President of the LLC has defaulted on the Stock Purchase Agreement (SPA) by NOT making his monthly payment of $1500 due to me. The Default Provision to the SPA is short and reads: "Should either party default upon its obligation to the agreement, the other party shall provide written notice by certified delivery of said default within 30 days of default. The recipient party shall then have 30 days to cure said default. In the event this is not settled then the party aggrieved shall be granted a return of assets. Any legal proceedings shall be in the Palm Beach County system." He was late on 6 of the last 8 payments and missed the $1500 payment on May 15. I WANT MY BUSINESS BACK IN ITS ENTIRETY. 1. What should be my next step? Can you help draft the Default letter?
1 ANSWER
Consumer Debt Collector Harassment & Abuse Attorney serving Tampa, FL
Partner at
Tischhauser Law Group
2 Awards
This is what happens when people skimp on lawyers for business transactions. You won't get your business back based on the facts described above and "what is included" you would know better than anyone on the internet because you brokered and documented the sale. We can certainly draft and send the "default" letter, but if the buyer cures the default, thats likely that.
Answered on Jun 01st, 2020 at 1:55 PM
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