I have read through several posts about disputes but have not found anything about member's loans.
I am one of 3 partners in an almost dormant CC. The relationship between the members has deteriorated due to a bad debt derailing our plans. Right now, the business has a judgement against the offending company and some money in the bank to start again but the relationship between the members has broken down and I have been asked to leave the business and relinquish my share.
Currently, each member (30%/30%/40%) has about R100k in their loan accounts and the business has R200k in the bank.
Negotiations for my withdrawal have broken down and I need info before taking my next step. There is no partnership agreement in place so we fall directly under the CC Act. I feel that the other partners want to keep the money in the bank and use it to push forward in a new direction without me. I have suggested a fair buyout price (less than my loan account) but this has been rejected. I think their next step is to have me removed as a member w.r.t the CC Act.
As there is no written agreement in place, as a member who loaned money to the CC, can I call in the loan at any stage? The CC has the money to settle my loan but the other 2 members have decided not to use the money in the account for this purpose (majority vote). Must the CC pay me out if they have the money? Can the other members then also demand their loan accounts be paid and then decide not to pay anyone out?
I have been reading online info for days but legal speak just makes it more confusing.