QLD Partnership Agreement Dispute - What are My Options?

Hi,

In 2013, a friend requested my help in building what became very profitable technology. We agreed on various splits for work to be completed by both. We also shared expenses relative to our holdings. We were both exposed to the upside as well as the downside.

I still have all the logs where we were discussing our various agreements.

Last month, he effectively locked me out of the system (for matters completely unrelating to work - and purely facile reasons regardless). Once he locked me out, he offered me $X dollars and with the very loose possibility of things returning to normal in 2017 once things had calmed down.

The $x doesn't come close to the true value of my percent, plus, the vagueness of if we would continue or not wasn't clear at all (basically if both parties agreed to at the time). When I asked for a fair buyout without the chance of continuing he basically said f-off and that he would rewrite the code I had done.

What are my options here under commercial law? We definitely have a partnership agreement (tho it was agreed an uneven split). Can he just lock me out and redo my code? And that after I wore the risk in startup mode for my percent and now that it's successful he can just redevelop my chunk?

 

Thanks Rod.

I had thought to wait a little bit to see him continuing the business - which I am sure he will.

My concern is that I send him a lawyer's letter, and he stops business entirely so that we both lose? Or do I have a right regardless if he chooses to cease business given that his actions has disrupted a business where both are responsible for the continued profitability of the business?

Why would you suggest an injunction specifically? What does time have to do with this? Just curious as to your reasons.

 

Hi James,

There were three profit centres to our business (that emerged over time). Initially, I was given 50% of one, 10% of another and 20% of another. For that, I was expected to perform the initial work required, plus ongoing daily routines.

I was exposed to my share of the losses, my share of the profits and my proportional expenses agreed to at the time. I have years of payments (profit) paid to myself from him, accounting spreadsheets for the last 8 months and over 5000 pages of logs where we are discussing our business, the splits, the work and the celebrations of profit.

We are both based in QLD.

 

"An injunction can be used to reinstate your access to the business which sounded like your prefered solution. "

Not sure if I am being honest. This is the second time in as many months he's cut me out.