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WA Ask Buyer for Interest?

Discussion in 'Commercial Law Forum' started by tt38psi, 20 October 2015.

  1. tt38psi

    tt38psi Member

    20 October 2015
    Likes Received:
    We are currently selling a business and the buyers have appointed a settlement agent. The business was supposed to settle 19/10. The settlement agent has asked for 1 week extension which we refused. Where do we stand as they haven't contacted us and all we have been told is that buyers bank hasn't released funds yet?

    Contract wasn't subject to finance. 2 employees have finished their employment on the day business was supposed to settle. Now we're stuck with no one to run shop.

    Can we ask for interest, or penalty under Commercial Law? If so, how much?
  2. JS79

    JS79 Well-Known Member

    2 October 2015
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    If a settlement has been delayed for 3 business days or more you can seek to claim penalty interest from the buyer.

    This would be under property law.
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