Hello,
I was employed by a Co-op as manager. I used my personal credit card to pay many accounts for the business as there was always a cash flow problem. The company directors recognised this and thanked me on my redundancy for the use of my credit card. I am still owed $14,000 odd (now credit card debt) and since they have applied for the co-op to be placed in the hands of a Adminstrator. The co-op operated while insolvent for a lengthy period. The remaining funds will not be sufficient to cover the fees of the Adminstrator.
My son took on the role as manager upon my departure some 2years 9mth ago. He is owed over $8,000 in superannuation that has not been paid and will not be paid as the Administrators consume the remaining moneys.
Do I have a right to Lodge a suit against the directors? The Directors have never signed a Directors guarantee. The meeting to decide the outcome of the Creditors meeting with Mackay Goodwin, the administrators is 18/12/2004. Liquidation or other avenues.
The good will of the Directors is Questioned.
Rebates were paid to some directors only as there was never sufficient funds to pay other members of the group.
My long service leave was paid over a period of 2.5 years. I increased my credit card limit from $25,000 to $52,000 to assist the co-op. Interest owing is now apparently out of my reach.
My wife & I are on a aged pension. My son's position was terminated some weeks ago, as the Directors advised him of their intention to place the business in Liquidation.
Please convey your thoughts and advise me of any action we can pursue.
Regards
I was employed by a Co-op as manager. I used my personal credit card to pay many accounts for the business as there was always a cash flow problem. The company directors recognised this and thanked me on my redundancy for the use of my credit card. I am still owed $14,000 odd (now credit card debt) and since they have applied for the co-op to be placed in the hands of a Adminstrator. The co-op operated while insolvent for a lengthy period. The remaining funds will not be sufficient to cover the fees of the Adminstrator.
My son took on the role as manager upon my departure some 2years 9mth ago. He is owed over $8,000 in superannuation that has not been paid and will not be paid as the Administrators consume the remaining moneys.
Do I have a right to Lodge a suit against the directors? The Directors have never signed a Directors guarantee. The meeting to decide the outcome of the Creditors meeting with Mackay Goodwin, the administrators is 18/12/2004. Liquidation or other avenues.
The good will of the Directors is Questioned.
Rebates were paid to some directors only as there was never sufficient funds to pay other members of the group.
My long service leave was paid over a period of 2.5 years. I increased my credit card limit from $25,000 to $52,000 to assist the co-op. Interest owing is now apparently out of my reach.
My wife & I are on a aged pension. My son's position was terminated some weeks ago, as the Directors advised him of their intention to place the business in Liquidation.
Please convey your thoughts and advise me of any action we can pursue.
Regards
