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Thread: Cc partnership

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    Cc partnership

    Hi guys. Im afrikaans so bare with my english. I have a few questions.
    1. I bought a cc in 2012. Me and my wife are 50/50 in cc.
    2. Started a business with good friends of 13 years. I registered them in nov 2019. Now we all have 25% each.
    3 we have no debt and make good business. My personal loan account is over 300k in the cc.
    4. We have bought a empty plot as well in the cc that the other 2 partners have paid but the cc owes them that as i recall.
    I was the one that started this business. My idea and did 95% of the work. Sales,distribution,manufacturing all of it. I was getting tired of doing it all and we had a big disagreement and i walk out on 31/12/2019.
    5. When i walked out i said that all i want is 50% of the value of all assets and stock and 50% of bank balances.
    6. Now its 11 months later and nothing. No payout no resolve but in the meantime they are doing business as usual and spending the money and making decisions without consulting us.
    What am i to do. To apply for liquidation is not a option. Must i sue het for the amount they owe me or can i desolve the cc and business. I cant just give them the cc with my loan account. What do you think is the cheapest and fastest way to resolve. Take in mind we have not spoke in 8 months and can not sit around a table.
    7. Is there any way to serve them with something to cease all business.

    Please advice
    Thanks

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    Hi Bbird

    You can't compel the other party to buy you out. Similarly, if you do find a buyer the other party needs to agree to the transaction, but that agreement cannot be unreasonably withheld.

    You have the option of demanding repayment of your loan account; but the other party may intend doing the same.

    I presume you have annual financial statements signed by an accounting officer just before you left? Your loan account should be stated in it, but ultimately the "price" is a matter of agreement between you and the remaining party.

    It would honestly be in your interest to consult an attorney.

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    Diamond Member Justloadit's Avatar
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    What may be even of more concern -
    Who has signature rights at the Bank ?
    Who is standing "Surety" at the bank & suppliers? - this has major implications to you personally!
    Who signed as the accounting Officer? - This person is responsible with respect to accounting/auditing in the name of the CC.
    Have you retracted your sureties!!!?
    The fact that you walked out does not relieve you from the duties of the member of the CC
    If the company is trading, it may be doing so with you as the sole responsible person of what the company is doing to this moment in time!

    You need to get legal advice immediately to protect yourself - it already may be too late.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    Hi. I wrote a letter and signed it that i am no longer at business. The banking detail are only on their name but i still own 50% of it. I am busy with legal but they are just ignoring my letters.

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by Bbird View Post
    Hi. I wrote a letter and signed it that i am no longer at business. The banking detail are only on their name but i still own 50% of it. I am busy with legal but they are just ignoring my letters.
    Having sent the letter does not relieve you of the responsibility of the members fiduciary duties, unless a members meeting was held, and minuted in the company meeting book and accepted by all remaining members, and also acknowledged by the other members in writing. You are still registered as a member at CIPRO.

    You can not own 50% of a bank account if your name is not on file with the bank. Effectively you have no control of the bank account.

    As said before, get legal advice to ensure that you are not responsible for what the CC may have done, or is busy doing.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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    I hear what you are saying. Is there a way i can put a cease on the business trading and. Bank account and desolve the cc

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by Bbird View Post
    I hear what you are saying. Is there a way i can put a cease on the business trading and. Bank account and desolve the cc
    You may be able to call for a liquidation, but you need to get legal advice, I am not a lawyer/attorney!
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar and LED lighting solutions - www.microsolve.co.za

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