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QLD Options for Extension of Management Rights Purchase Under Commercial Law?

Discussion in 'Commercial Law Forum' started by Ann Smith, 16 January 2016.

  1. Ann Smith

    Ann Smith Member

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    Have proceeded through the contract of Management Rights purchase. 10 days prior to settlement, my husband has a medical condition which requires ongoing treatment for the next few months. While we would still like to purchase the business, we at the least require a settlement date extension.

    Despite providing a medical certificate, the extension request has been refused. Body corporate consent has not yet taken place and we haven't attended BC interview. Just wondering what my options under Commercial Law are other than pulling out of the contract.

    Thanks.
     
  2. Tim W

    Tim W Lawyer

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    Refused by whom?
     
  3. Ann Smith

    Ann Smith Member

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    Hi Tim,
    Thanks for your reply - refused by the vendor.
     
  4. Tim W

    Tim W Lawyer

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    The vendor, or their agent?
     
  5. Ann Smith

    Ann Smith Member

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  6. Tim W

    Tim W Lawyer

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    While you appear to be doing the right thing by attempting to negotiate the date,
    I don't see that you have any kind of a right to an extension.

    If you are not already doing so, then I strongly suggest that you start writing letters (or at least emails),
    and keep diary notes of any conversations.
    Don't do anything substantive over the phone (and don't make voice recordings without the consent of the other party).

    As a last resort (no pun intended), have a think about whether or not you can go ahead and settle now,
    even if you don't take over immediately. For example, the outgoing people might be open to staying on for, say, 90 or 180 days,
    perhaps rent-free, or on wages, until you are ready to take over.
     
  7. Ann Smith

    Ann Smith Member

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    Okay thanks Tim
     

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