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Hi all, first time here on behalf of my son. Basically, he’s sold his half of the company recently but I’m not sure if he’s been dealt a bad hand, or not been given the right advice.
So what has happened is the company he owned with a partner he left in November with a personal loan to the company due to be repaid to himself and a sum for his shares also due. Issue is the “legal binding contract” for these sums were done by the accountant who seems as though he’s on better terms with the other partner, and the letter has no date on there where the monies have to be paid by. The other partner is demanding the shares be transferred but as yet has not paid either monies.
my issue with this is that, by there being no date for money to be paid, does he have a leg to stand on, eg if the company isn’t manageable and ends up going bust will be lose all what he’s owed Further down the line, for example the money in my view could be paid in 2040 for example? Also on the other hand can he still by rights still claim for money such as profit given he still has the shares in his name? any advice will be greatly appreciated and thanks in advance**
So what has happened is the company he owned with a partner he left in November with a personal loan to the company due to be repaid to himself and a sum for his shares also due. Issue is the “legal binding contract” for these sums were done by the accountant who seems as though he’s on better terms with the other partner, and the letter has no date on there where the monies have to be paid by. The other partner is demanding the shares be transferred but as yet has not paid either monies.
my issue with this is that, by there being no date for money to be paid, does he have a leg to stand on, eg if the company isn’t manageable and ends up going bust will be lose all what he’s owed Further down the line, for example the money in my view could be paid in 2040 for example? Also on the other hand can he still by rights still claim for money such as profit given he still has the shares in his name? any advice will be greatly appreciated and thanks in advance**
