VIC Investment Contract(Individual & Private Company)

Discussion in 'Commercial Law Forum' started by Jai_3000, 6 March 2019.

  1. Jai_3000

    Jai_3000 Member

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    Hi All,

    I need some advice on how to go on about recovering my investment from private company.
    I have been approached by common friend to invest in an Entertainment event in Australia managed/run under company structure.

    Verbally i have been promised that my money will be break even
    if any thing happens company will guarantee for 50K

    based on the verbal promise i have deposited 50K in company account.
    next day after deposit, company director sent a contract states as below.





    This agreement is made between Jai(the Investor) and Dummy Pty Ltd (the
    Company) located at XXXXXXXXXXXXX Vic – on 01/11/2017.
    Following are the terms that have been agreed upon:
    • The investor has agreed to invest a sum of AUD __50,000.00_ into the “# ROCK Tour – Live in Concert”
    being planned for in Dec 2017.
    • The investor agrees and understands the degree of risk associated with the event
    • The company agrees to pay the returns between 2 and 3 weeks of the completion of the tour.



    There is one other line before this contract is that upon signing the contract by both parties, company will provide the bank details for deposit money.

    In my case the company director provided bank details before signing the contract and after depositing the money in their account, they have sent this agreement.
    there was no discussion of agreement,shares or any thing such until money was deposited in their account.

    Thanks
    Jai
     
  2. Rod

    Rod Lawyer
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    What do you want to happen?
     
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  3. Tim W

    Tim W Lawyer
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    You look like an unsecured creditor.
    Is this company even solvent?
     
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