4 years a go a new ‘friend’ offered for us to buy into a business he owned. He claimed he purchased it for $60,000(never showed us proof) so asked us for $30,000 to become partners. Other than a bank cheque to his name, no other paperwork was exchanged; nothing signed; no proof of ownership or business papers. There is a trailer which is a part of the business which is old, unroadworthy and in need of major repairs; it hasn’t been used in 10years and would be lucky to be worth $2,000 in its current condition.
In the 4 years that have passed our $30,000 investment has made us nothing. Our ‘business partner’ told us to leave it all to him and he would get things going; sorting out contracts, hiring employees if needed and ordering supplies needed. Saying he would contact us when work was ready. He Continued to tell us ‘it will be running in two weeks’ for over a year. This resulted in my husband leaving his job and preparing to work for himself based upon what have now proven to be lies. Under instruction from our business partner; We got a work ute on a loan in order to tow the trailer; with our repayments based upon the promises our business partner had made about how much income we’d have.
Over the past 4 years our business partner appears to have done little to nothing. There are no contracts, the trailer is unregistered and uninsured, the ABN is inactive and his promises of ‘two weeks and we have work’ have all proven to be false.
Since we handed over the $30,000 he has since quit his full time job and began a home run business buying and selling motorbikes. This has expanded to him now owning and running his own shopfront and he is still to yet put any time or effort into fulfilling the promises he made when we first invested.
We have requested we want our money back but it appears our investment has been spent elsewhere as he has avoided any communication to do with returning our money.
Do we have any leg to stand on legally given we don’t have any proof we bought into a business? Is he wrong for not fulfilling the promises he made to us, and clearly not even doing the minimum of registering the business or registering the trailer?
We just want our money back but he fails to return calls or text messages.
I understand we were ‘stupid’ to make this agreement in the first place so please don’t feel the need to point that out lol.
He promised us so much from this and all it has brought us is stress and worry; we are now suffering financial hardship due to ill health and don’t know what to do.
Thanks to anyone who takes the time to respond.
In the 4 years that have passed our $30,000 investment has made us nothing. Our ‘business partner’ told us to leave it all to him and he would get things going; sorting out contracts, hiring employees if needed and ordering supplies needed. Saying he would contact us when work was ready. He Continued to tell us ‘it will be running in two weeks’ for over a year. This resulted in my husband leaving his job and preparing to work for himself based upon what have now proven to be lies. Under instruction from our business partner; We got a work ute on a loan in order to tow the trailer; with our repayments based upon the promises our business partner had made about how much income we’d have.
Over the past 4 years our business partner appears to have done little to nothing. There are no contracts, the trailer is unregistered and uninsured, the ABN is inactive and his promises of ‘two weeks and we have work’ have all proven to be false.
Since we handed over the $30,000 he has since quit his full time job and began a home run business buying and selling motorbikes. This has expanded to him now owning and running his own shopfront and he is still to yet put any time or effort into fulfilling the promises he made when we first invested.
We have requested we want our money back but it appears our investment has been spent elsewhere as he has avoided any communication to do with returning our money.
Do we have any leg to stand on legally given we don’t have any proof we bought into a business? Is he wrong for not fulfilling the promises he made to us, and clearly not even doing the minimum of registering the business or registering the trailer?
We just want our money back but he fails to return calls or text messages.
I understand we were ‘stupid’ to make this agreement in the first place so please don’t feel the need to point that out lol.
He promised us so much from this and all it has brought us is stress and worry; we are now suffering financial hardship due to ill health and don’t know what to do.
Thanks to anyone who takes the time to respond.
