Hi,
I am currently going through financial settlement with my ex husband. I have finally received subpoenaed bank statements for a previously jointly owned business (now set up through a new Pty Ltd company without my consent to disguise transparency). I have noted numerous payments outgoing to my ex husband as “directors loans.” This was not common practice when we jointly operated this business and it is a passive income stream, there are no employees and as it is passive it is not dependent on effort of the director. It has taken a long time to get these documents, my ex made it well known he was going to ensure I don’t get a cent from settlement. My question is: do directors loans hold weight as a liability when the borrower is also the lender? Once transferred to his own account it often pays personal expenses, so I’d like to understand in terms of valuations how this is viewed through the courts? Does it have capacity to reduce the overall company value?
Currently ex husband is netting $3k per month + his salary from his job + profits from another business we owned (this however is not passive and dependent on his output) presently he is earning more than I and refusing to contribute to children’s upbringing and is months behind on child support.
Thanks
I am currently going through financial settlement with my ex husband. I have finally received subpoenaed bank statements for a previously jointly owned business (now set up through a new Pty Ltd company without my consent to disguise transparency). I have noted numerous payments outgoing to my ex husband as “directors loans.” This was not common practice when we jointly operated this business and it is a passive income stream, there are no employees and as it is passive it is not dependent on effort of the director. It has taken a long time to get these documents, my ex made it well known he was going to ensure I don’t get a cent from settlement. My question is: do directors loans hold weight as a liability when the borrower is also the lender? Once transferred to his own account it often pays personal expenses, so I’d like to understand in terms of valuations how this is viewed through the courts? Does it have capacity to reduce the overall company value?
Currently ex husband is netting $3k per month + his salary from his job + profits from another business we owned (this however is not passive and dependent on his output) presently he is earning more than I and refusing to contribute to children’s upbringing and is months behind on child support.
Thanks
