What the hell to do if...?

[Oxydoreduction]

Hi Guys,

 

I'm a little stressed right now and have a doubt.

 

Long story short: I'm a pharmacist and own my own pharmacy.

I've had lots and lots of troubles with this company, I paid too much for the pharmacy itself (650.000€+550.000€), I've had two bad accountants, who made it that I'm now stuck with 140.000€ debt in favour of my company and my company has 450.000€ debt with the bank and the bank set the credit so that I'm personnally responsible for it.

In this company was also another company: a beauty institute, which is now closed and the owner lended 150.000€ to that one. I'm stuck to refund him of this money.

 

I'm selling my company now and there's someone interested. With the money he will pay I'll get me out of debts.

 

But what do I do if finally his bank wont lend him the money?

 

Monthly charges are so high I've got to inject money but I've no more money for this and I'm done for if I go for bankruptcy (Mentality here makes you blacklisted for any kind of credit in the future).

 

I'm really wondering what is gonna happend.

[Volbet]

This really is the kind of question you should pose to a lawyer and not to a forum primarily consisitng of teenagers. 

 

First of all, it depends a lot on the laws and customs that are in place where you live. 

The general rule in contractual law is that a final agreement is binding for the parties no matter if a party can actually forfil their end of the bargain. 

However, in larger transactions (like the one you're describing) it's not uncommon to add a clause to the agreement that nullifies the agreement if the buying party can't ensure proper financing. 

 

If such a clause is not in the agreement, then the agreement theoretically stands and what steps you can take to either force a fulfillment, or get compensation for potential losses, is dependent on the laws and customs in place.

Hence why you should probably ask a lawyer. They might be expensive, but they're usually worth the money. 

 

Some countries also have laws in place that makes it so an agreement can be nullified if the basis of the agreement changes radically for one of the parties.

[Oxydoreduction]

7 minutes ago, Volbet said:

This really is the kind of question you should pose to a lawyer and not to a forum primarily consisitng of teenagers.

Thanks for your awnser.

Though I know there's a lot of teenagers on the forum, we are also a good proportion of grown-ups, but the reason why I placed this thought here was that so far, every person I met that meant to be "helpful" for my independant pharmacist career where, in the end, very unhelpful and worse.

There is a clause that nullifies the agreement in case the other party can't have the financing.

Primarily I prefer concentrating on the sale and see what happens next but this morning I had this terrible thought that the condition of the company is limit and if the sale does not go on, there's no Plan B.

 

 

 

[Volbet]

15 minutes ago, Oxydoreduction said:

Thanks for your awnser.

Though I know there's a lot of teenagers on the forum, we are also a good proportion of grown-ups, but the reason why I placed this thought here was that so far, every person I met that meant to be "helpful" for my independant pharmacist career where, in the end, very unhelpful and worse.

There is a clause that nullifies the agreement in case the other party can't have the financing.

Primarily I prefer concentrating on the sale and see what happens next but this morning I had this terrible thought that the condition of the company is limit and if the sale does not go on, there's no Plan B.

If there is such a clause, then you're pretty much outta luck if your buyer doesn't get the needed financing.

If the agreement is nullified due to lack of financing, then both of you are left as if there never was an agreement.

 

In that case you would have to look for another buyer, which is a pretty bad situation to be in giving the circumstances you describe.

 

I guess the ultimate plan B is bankruptcy, either for the company or, in the worst case scenario, you.

But that's a scenario I would recommend only thinking through if the current deal goes sour.

[PlayStation 2]

1 hour ago, Volbet said:

This really is the kind of question you should pose to a lawyer and not to a forum primarily consisitng of teenagers. 

With all the self-identifying know-it-alls on this forum you'd be surprised.

A number of them are twice my age.

[Volbet]

6 minutes ago, Dan Castellaneta said:

With all the self-identifying know-it-alls on this forum you'd be surprised.

A number of them are twice my age.

I wasn't really worried about the lack of replies, more about the quality of replies. 

[Oxydoreduction]

13 minutes ago, Dan Castellaneta said:

With all the self-identifying know-it-alls on this forum you'd be surprised.

A number of them are twice my age.

 

 

11 minutes ago, Volbet said:

If there is such a clause, then you're pretty much outta luck if your buyer doesn't get the needed financing.

If the agreement is nullified due to lack of financing, then both of you are left as if there never was an agreement.

 

In that case you would have to look for another buyer, which is a pretty bad situation to be in giving the circumstances you describe.

 

I guess the ultimate plan B is bankruptcy, either for the company or, in the worst case scenario, you.

But that's a scenario I would recommend only thinking through if the current deal goes sour.

Thank you for your replies, I'll try not to worry about it until there would be a problem.

The deal should be concluded in two weeks, let's pray there won't be any hickups.

 

 

[Bananasplit_00]

this is so INCREDABLY not the right place to ask seeing as most of us on here dont even pay our own bills yet... good luck though, would suck if you have to fold

[TVwazhere]

54 minutes ago, Oxydoreduction said:

Though I know there's a lot of teenagers on the forum, we are also a good proportion of grown-ups

I like to think of myself as a really big kid

 

Definitely seek legal advice from a firm, not us computer nerds