I am sort of still part of a CC in Gauteng - members were distributed 33%/33%/34% the 34% being an Old Partner of mine, so we just gave him the extra 1 percent.
For the lack of naming people lets just say Jack, John and Jill.
Jack being the 34% just upped, resigned and left recently -supposedly just signed over his 34% to John. - John now thinks he owns the Company.
John now wants to buy me out(pay me my dues)(Jill) which is OK, and I am ready to sign and get the %$^&*outa there
However Jack left a Directors Loan Account in debit behind. Because I (Jill) invested the majority of the money into the Business, I have requested that in nthe sell agreement John CEDE Jacks Directors Loan account to me. He advises that due to accounting principles and Tax rules he cannot - CAN SOMEBODY ADVISE IF AT ALL POSSIBLE.