What is my remedy if my ex-business partner has stopped making payments on our buyout agreement?

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What is my remedy if my ex-business partner has stopped making payments on our buyout agreement?

He stopped paying 3 weeks ago and I know that he has $50,00-$70,000 coming in monthly. My payment is $6500 monthly. I don’t think he thinks I can do anything but we have a legal buyout agreement that our former lawyers drew up. Can I ask the court to freeze the bank accounts until I get paid or something similar?

Asked on June 26, 2012 under Business Law, Florida

Answers:

david slater / david p.slater, esq.

Answered 9 years ago | Contributor

Not until you obtain a judgment against him.  Your attorney must bring a lawsuit to enforce your buyout agreement. Good luck.


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