Help required. Joint venture

[Patsalou]

I wonder if anyone can help. I was part of a joint venture in the recruitment sector. I had a 10% share of the company with the the parent company having the other 90%. Long story short they believe me and my business partner had set up a sister company dealing in the same sector and we was sacked for gross misconduct. Various legal letters have come back and forth and they have now offered mediation to come to a Global resolution (we have no idea what this is) one of the claims is a financial claim to claim the debt level. When we joined we signed documents saying that if we left and there was a debt level we would be liable for part of this the debt level stands at around £70,000 (£30,000 of this is unjust charges) if the company is still running and now running into a monthly profit are we liable to repay the debt levels that are currently there? Any hell would be great. We have legal council but they have been no help. In fact trying to get hold of them is turning out to be a nightmare.

[Sam101]

Explain to your legal council that if they are unable to explain matters to you clearly, then you will go elsewhere and expect no charge for their services.

Having said that, it seems that you tried to do your own business when you were in contract with the company. They have offered to settle their claim, so you just need to know what the terms of the settlement are. Then you can either settle or contest the offer.

[atticus]

In order to advise, it will be necessary to see the full documentation and understand the full facts. Your legal counsel are far better placed to advise you.