A letter before action on claim on fraud relating to unpaid promissory note issued for the purchase of shares in a company.
This is a claim against the addressee for a breach of the Promissory Note. Under the memorandum of agreement, the shares in the Company were sold. However, the buyer defrauded the vendor by failing to pay the outstanding balance of the Completion Amount stated in the Promissory Note.
The vendor demands immediate payment of the outstanding Loan with interest. The vendor emphasises that all rights to pursue legal and equitable remedies against the buyer are reserved.
This document can be used after the Buyer defaults in payment of the shares, thus the Vendor is entitled to claim for fraud on the Promissory Note.
The outstanding Loan with interest and due date are clearly stated.
This document should be carefully read by the Individual Vendor and Buyer.
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letter before action,
breach of promissory note,
unpaid promissory note,
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