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Question on Business Sale - not yet completed

 
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bob888



Joined: 12 Mar 2008
Posts: 4
Location: herts
PostPosted: Sat Mar 15, 2008 4:30 pm    Post subject: Question on Business Sale - not yet completed Reply with quote
Hi,

I am in the process of selling my small coffee shop business. We are nearly there, the terms of contract are ready for signing. The buyer has delayed completion until May 2008. We do not have a deposit under the agreement for sale.

Last week we had in the post a new cheque book for a business account opened by the 'perpsective' buyer under our current company name (Coffee Shop).

The envelope is addressed to:

"Mr XYZ trading as Coffee Shop".

We have not opened the post as it is not addressed to us, but Mr XYZ is the potential buyer.

Is he entitled to do this legally, though the sale of the business not yet complete? My immediate feeling is that something 'fishy' may be happening.

Thanks in advance.
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thescruff
Moderator


Joined: 03 May 2003
Posts: 4659
Location: Bath
PostPosted: Sat Mar 15, 2008 4:51 pm    Post subject: Reply with quote
Not a Layer, but it sounds fishy to me as well.

He doesn't own the business yet, so my view is it would be illegal, you could ask your bank to cover yourself
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