A consulting firm is accused of owing more than $100,000 after allegedly defaulting on two loans.
Klaus and Associates Inc. filed a lawsuit July 6 in Madison County Circuit Court against Compass Group LLC and John Huhn.
Klaus and Associates says it loaned Compass Group $180,000 with the agreement that the principal plus interest would be paid back. Compass Group allegedly signed a promissory note agreeing to make monthly payments to the lender. According to the complaint, company founder John Huhn signed a note guaranteeing repayment.
Klaus and Associates contends the Compass Group and Huhn defaulted on the loan by failing to make payments. The company says the defendants owe $12,608 plus $1,700 in interest as of June 30. The lender says interest and late charges are accruing daily.
Klaus and Associates says the defendants have also defaulted on a second loan made in the form of a non-negotiable earn-out promissory note. The lender says Compass Group still owes $89,196 along with late fees and interest which is growing daily.
Klaus and Associates is asking to be awarded the entire amount owed along with court costs and legal fees. Attorney George E. Marron III of Highland is representing the lender.
Madison County Circuit Court Case No. 12-L-960