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Answered in 7 hours by:
8/11/2013
Brisbane-Lawyer, Solicitor - Admitted 2005
Category: Australia Law
Satisfied Customers: 14,361
Experience: I did my law degree at the University of Queensland
Verified I need to know what issues I will face if I go to court to have the original agreement out in place or once I've paid the agreed amount I simply cut him out?
That is your much better option, to simply pay what you owe under this 50/50 verbal agreement, and once that is done, start applying his share of the profits to his 50% debt.
If he doesn't like that, then he can take you to Court. But even if he does, the Court will order the debt to be paid or at least offset against what he is entitled to from the profits.
Should you have any other questions, please let me know.
If you're satisfied with the results of your question, then I'll ask you to please provide positive feedback so that I will get credit for the time spent on your question. Your question can continue even after you leave positive feedback, so if you have any follow up questions please don't be afraid to ask.
That is your much better option, to simply pay what you owe under this 50/50 verbal agreement, and once that is done, start applying his share of the profits to his 50% debt.
If he doesn't like that, then he can take you to Court. But even if he does, the Court will order the debt to be paid or at least offset against what he is entitled to from the profits.
Should you have any other questions, please let me know.
If you're satisfied with the results of your question, then I'll ask you to please provide positive feedback so that I will get credit for the time spent on your question. Your question can continue even after you leave positive feedback, so if you have any follow up questions please don't be afraid to ask.
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