My fellow director has transferred the company operating system to a company she is 50% shareholder in with out my knowledge. This is after taking and not declaring most cash sales for nearly two years. Making our company inoperable and facing liquidation. What is the best coarse of action ?
WA Removal of company operating system
- Thread starter David J Williams
- Start date
She may well be responsible for theft, financial advantage by deception, abusing her director's duties and there may be another couple of offences as well.
You have the choice of calling a receiver, calling the police and calling ASIC. Maybe all 3.
Alternative is to confront her, though that may result in the loss of evidence through a mysterious 'computer crash'. I'd be copying all files as asap.
Cash sales are an issue and you know how the business is run so you need to consider how to track these sales.
You have the choice of calling a receiver, calling the police and calling ASIC. Maybe all 3.
Alternative is to confront her, though that may result in the loss of evidence through a mysterious 'computer crash'. I'd be copying all files as asap.
Cash sales are an issue and you know how the business is run so you need to consider how to track these sales.
Thanks Rod .
More issues have arisen . we sold a business i rescued back in sep 2016 after selling it in sep 2015 . We built it up but was in my name through a deed of settlement .I had started the business from scratch 16 years before . I was going to sell it in a 50 50 arrangement with the company for my business partners help but was advised by the solicitor doing the settlement for both parties that if i didn't have an ABN and wasn't GST registered that it was best to remove my name and have company as seller . i wasn't happy about it but was assured by business partner she would hold the 50% till sold . after the sale i find she has claimed the 50% as goodwill and is 50% shareholder of the company that bought it . i also find the reason about GST didn't effect me anyways as the buyer would have paid GST . Our accountant says its a loan by the company to her . this is where the operation system has been sent leaving us unable to trade. i've sense found out no conflict of interest waiver was signed with the lawyer doing settlement but as my business parter was 50% shareholder in both companies plus emails asking for info and getting my name off the sale documents by the lawyer plus having acted on her behalf before and new each other . After asking the accountant and business partner was there a waiver and them saying no i asked the lawyer for a copy of the waiver and his response was he was only acting for the buyer . i'm now left with a failing company . a business partner that seems to have neglected her duties and stolen half of my original business and being helped by a lawyer who favoured the buyer . where to start and who first
Depends on the benefit/cost ratio. Sounds like you need a lawyer to sort through this mess. There may also be fault by the 'lawyer acting for the buyer'.
A lawyer would be the best starting place
A lawyer would be the best starting place
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