Asked by mariaduplessis on 18-02-2015 07:54:22
Question posted in the National Credit Act Law category relating to Gauteng
Question posted in the National Credit Act Law category relating to Gauteng
Sale Of Business
I was the sole member of a C.C. I sold my member's interest to the purchaser who took over the entire business as a going concern. At the time of sale the purchaser could not afford to pay cash and requested to pay the purchase price in monthly instalments.
The purchaser agreed to pay interest on the outstanding amount from time to time, at the current prime rate (fluctuating). The purchaser now claims that I am not allowed to charge interest, although it formed part of the written agreement, signed by both parties.
May the purchaser do so?
I was the sole member of a C.C. I sold my member's interest to the purchaser who took over the entire business as a going concern. At the time of sale the purchaser could not afford to pay cash and requested to pay the purchase price in monthly instalments.
The purchaser agreed to pay interest on the outstanding amount from time to time, at the current prime rate (fluctuating). The purchaser now claims that I am not allowed to charge interest, although it formed part of the written agreement, signed by both parties.
May the purchaser do so?
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