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Thread: Do I have the right to seize assets?

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    Exclamation Do I have the right to seize assets?

    Hi
    I started an NPC and spent R30 000 in setting up the business. When it came to starting the business, I provided the start-up capital and it went into director's loans. When the business ran into difficulties, I received judgement which was against the business and myself together. I paid the then outstanding amount with the understanding that the business repay the balance. Instead, I was asked to remove myself as a director, ensure that the outstanding debt of R46 000 be paid and told that I was not welcome at the business. The business moved into more expensive premises without my okay and have used a private bank account with which to trade. I have sought legal advise but without money cannot afford to pursue the matter. I have obtained relief from the Company's Tribunal to get the members's list ratified and hold a meeting with them but what is the best way forward?

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    As always with these types of company disputes, look to the shareholders agreements and MOI for guidelines on how disputes are resolved as well as the rights of the shareholders then take it from there. Also check for any company resolutions as to who left the company and under what terms.

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