There is a serious problem with the company now. I'm asking for any suggestions since I'm not so sure about the legal issues.
The company (Closed Corporations) was established January 2008 by 4 partners (including myself) and we all have signed how much we will earn on per monthly basis. I took the most salary (R20K). One partner lend R 170K to the company (transferred R120K in total, directly to company's banking account) and R50K paid to companies for resources (computers, software, etc) purchased.
Early in 2008, there was a problem with one big project and I was forced to take the pay cut, but not the rest of the members, but agreed that money will be paid back later. Then 7 months later, we suddenly got very busy and my salary is back to R20K per month. We had a very healthy bank balance. It was decided to lower the debt by R50K which we did, R120K still outstanding. The company owes me 24K. Now, we are back into difficult financial situation. Our bank balance is almost equal to the total liabilities. One member wants to get his money back, let me go or to fire me with majority vote. The company owes me 24K in debt. The problem is that they are not being fair enough. The company will be forced, as agreed, to pay my money back - while the money is still available - R24K in total but they still want to continue doing business under the same Name without me.
1. Is it possible for other members to fire me with majority vote because of financial strain - they know I did nothing wrong?
2. If all liabilties are paid, I still own 25% in assets but they refused to give it up or to compensate because they want to continue with the business. They just can't ask me to go while they keep my portion of assets? Am I right? Should they compensate or to buy my portion in asset should they want to continue with business.
3. Is it better to close down the company and distribute the assets while it is still possible and they can restart the business without me? But they refused to do so.
Hope one of you will be able to respond to my questions or to suggest. I'm not asking for advice and I want some fair options.
Thanks in advance!