body: My business partner and I recently purchased a small Ltd company. Each of us holds 50% shares each. No changes were made and we simply purchased the business as it is, simply the ownership changed.
  We have two third party service providers and we want to cancel their services because it’s too costly for us to continue with them, however we cannot cancel this because the previous owner has signed both contracts to run until 2022, and prior to purchasing the business we questioned the previous owner on this and they said we can cancel the contracts once the ownership changes. But this is not the case and the previous owner lied to us and did not disclosed any copies of the contact or documents on this. Is there a way to get the contracts cancelled? We have requested a copy of the contract and it does say it is a binding contract until the end of the term. Are there any laws or general regulations which we can use if the ownerships changes in a company the new owners can cancel the contracts? Or should anything similar to this should be included generally in service contracts?
  
  
  
title: Cancelling the 3rd party service contracts