Closing Down Info

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Problem: A client sold a division of his business on an "assets sale and purchase agreement". In so doing, he had overlooked the fact that the agreement had listed items that were subject to "lease purchase agreements" as being free of all liens & encumbrances.

ADVICE: An exchange of letters between the parties was agreed to correct the contract errors, in accordance with a clause that allowed this to be done. It was also necessary to send letters to the finance houses to waive a clause in their contracts that prevented any assignment. The position was regularised to that which the parties had verbally agreed to, so that the revised contract reflected the negotiated deal and was corrected at a time when good relations existed between the parties, which might have deteriorated with the passage of time.

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