Contingent liability.

VIVAT Holdings Ltd. ; CHELSEA Management Group (Company) 144330636

This article states that Vivat Holdings, the casual wear manufacturer, has had to mention a long running dispute with Chelsea Man in its 1989 accounts. In a note on contingent liabilities, reference is made to the dispute over an amount due. The problem is also mentioned in the directors' report. Vivat is owed 3.2 million pound plus interest by Chelsea Man, which is the final installment due on the sale of its retail business in November 1988. The amount was determined by an expert appointed independently by the Institute's president in accordance with the terms of the sale agreement. Chelsea Man has contested the amount on the grounds that the expert's determination had not been completed as required by the agreement, and that it has counterclaims arising from alleged breaches of the warranties given by Vivat in the sale agreement.