Terms & Conditions

Terms and Conditions

TTG Debt Pilot Ltd
4 Durham Workspace
Abbey Road
Durham
DH1 5JZ

(“TTG Debt Pilot Ltd”, “we”, “us”, “our”)

 

TTG Debt Pilot Ltd and any connected Subsidiaries, Associates or Agents have agreed to acquire the Target Company for a purchase consideration of £1.

You (“the Client”) have agreed to pay TTG Debt Pilot Ltd an Acquisition Handling Fee, in consideration of the acquisition of the Target Company.

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Terms & Conditions – The Basics

TTG Debt Pilot Ltd’s Obligations as Purchase Agents

1. We hereby guarantee the Purchaser’s obligations under this agreement.

2. We will hold in trust the Client’s funds paid in respect of the Fee until such time as the Target Company acquisition is complete.

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The Purchaser’s Obligations

1. They will execute a purchase and sale agreement between themselves and the shareholders of the Target Company.

2. They will appoint directors to the Taxarget Company upon acquisition.

3. They will change the registered office of the Target Company.

4. They will change the name of the Target Company should the Client require it.

5. They will communicate with creditors of the Target Company and other interested parties and inform them that they have purchased the Target Company and are now responsible for its management and financial obligations.

6. They will deal with all legal and statutory obligations of the Target Company as owners and directors.

7. They will appoint an insolvency practitioner at their own expense should it be necessary to instigate formal insolvency proceedings in respect of the Target Company.

8. If the purchase is completed after the issuance of a winding-up petition, it may be necessary for the Purchaser to apply to the Court for a validation order. Should such an application be required, it will be made by the Purchaser at their own expense.

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Your Obligations in Respect of the Target Company

1. You will do everything necessary to execute the sale to the Purchaser.

2. You will make full and complete disclosure of all assets and liabilities to the Purchaser.

3. You will guarantee the Target Company’s obligations in respect of these Terms & Conditions.

4. You will pay the agreed Fee to the Purchaser’s Agent (TTG Debt Pilot Ltd) as set out in the engagement documentation.

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General

1. We can only guarantee the purchase of the Target Company and will do everything possible to ensure you have no further involvement in its affairs from the date of completion. However, you should be aware that certain agencies may have a statutory right to request information from former Directors of the Target Company. In such cases, we will represent you free of charge and ensure, as far as reasonably possible, that all queries are directed to the Purchasers as the new owners, directors, and record keepers.

2. If we have agreed to mitigate any personal liabilities on your behalf, such services are charged separately on a results basis and do not form part of the handling fee payable for the acquisition of the Target Company. You agree not to withhold any portion of the handling fee for any reason.

3. In the event of a dispute, both parties agree to allow TTG Debt Pilot Ltd to nominate an independent professional person of good standing to act as Arbitrator. The Arbitrator’s decision shall be final. The costs of arbitration shall be met by whichever party the Arbitrator determines to be liable.

4. Should either party refuse to participate in arbitration, that party will be deemed to have admitted full liability, and the claim shall not be pursued through any other judicial process.

5. These Terms and Conditions represent the entire agreement between the parties and may only be varied in writing and signed by both parties.

6. Save as to Clause 3 under “General” above, this Agreement is governed by and construed in accordance with the laws of England and Wales.

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📍 Registered Office:
TTG Debt Pilot Ltd
4 Durham Workspace
Abbey Road
Durham
DH1 5JZ

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