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Patrick H.
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 4542
Experience:  Dip Law LPAB - Sydney based lawyer
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Hi, I purchased a Business in November 2011, The owner no

Resolved Question:

Hi,
I purchased a Business in November 2011, The owner no longer wanted to operate and business name etc was transferred to my name...The owner had a unsecured personal Loan which by verbal agreement I agreed to pay the repayments...The owner then changed the loan situation and merged it into their home loan and advised me the new repayment. I have since sold the business and continue to pay the amount asked to cover payment of the unsecured loan. Today I received a letter from this persons daughter stating "it appears you have committed a fraudulent act" and if the amount for payment stated by them is not received within 7 days "we will issue instruction to have you charged accordingly." I don't understand how they reached the figure for payment? Can they have me charged with fraud?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Patrick H. replied 1 year ago.
Hello and thank you for your question.

To be guilty of fraud you would have to have deliberately done something misleading in order to obtain a financial advantage of some type. Nothing you have said indicates this is the case.

If the daughter of this person is saying you have behaved fraudulently and you are not sure why, simply ask her to clarify what it is she thinks you have done that was fraudulent.

Based on what you have described it seems likely she just thinks you should be paying a different amount to what you are paying, but that is not fraud, and doesn't seem likely that the police would prosecute you for fraud (note the police have to decide to charge you, not just the daughter).

I trust the above assists.

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Thank you and good luck.

Patrick
Customer: replied 1 year ago.

Thanks Patrick,


 


The letter says that because I have sold the business which she states belongs to her mother(and always did), that I have committed Fraud? Happy to make full payment(early) to them however I wasn't aware that this was required as part of our verbal agreement. And the payout figure appears to include all remaining interest....Verbal agreements - won't be taking part in one again :-/ . thinking i should reply with the details of the verbal agreement as i understand it and ask for the accounting method used to arrive at the payment figure Stated?

Expert:  replied 1 year ago.
So it is really a dispute about whether you had in fact acquired the business at the time you sold it on. This is not a fraud issue so you should not be charged with a crime.

What may happen is that they may try to sue you alleging you sold their business and the court will have to decide whether that is true.

If you have been paying off the agree original price, however, it is difficult to see how they can argue that they are entitled to any significant compensation even if they were successful.

If the contractual arrangements were all oral then it will be difficult for either party to prove anything, but if you can show that you operated the business without there involvement for any length of time, a court may well accept that you had acquired the business and were entitled to sell it.

So on the face of it you likely have good grounds of defending a claim against you in this case. Of course only a fully briefed lawyer familiar with all the circumstances and particularly the daughter's allegations can give you firm advice, but the above is correct based on what you have described.

I trust the above assists.

Please rate my answer so I can be paid by the website operator.

Please note I am only paid if you rate me with three or more stars/smileys.

Thank you and good luck.

Patrick
Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 4542
Experience: Dip Law LPAB - Sydney based lawyer
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