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Business Dissolution- ex business partner hiding money help!
johnsons_baby
Posts: 388 Forumite
Morning everyone,
I wonder if anyone who has dissolved a business can help me and the other half.
My husband opened a business (property) with AN Other in 2006 as a partnership.
Fast forward, credir crunch, recession and business running at a loss and really not viable to continue running, however, business partner insists they keep plugging away, which they did until the point my husband realised that he was doing 90% of the work and the business partner was just sitting at home on his backside whilst husband was doing all the work.
So my husband decided he wanted out and talked to the business partner, they had a dissolution agreement, which was signed and witnessed. In that agreement was for two fees which were outstanding would be paid into the joint company account, all debts would be settled and any left over split 50-50.
Since the dissolution agreement was signed, these 2 fees came in BUT the business partner had opened an account in the business name as a sole trader and intercepted the cheques at the office (the one day we were late getting to the office to collect the he post) and banked them. We've
only found out that he has done this because we have had to contact the cheque issuers to ask where the cheques were and this came to light.
Now, we have contacted people who they owed money to and no-one has been paid.
Husband contacted the business partner and asked where had the money gone, he told us he had opened an account and had the funds but he was waiting to pay things, we asked why and he said he just wanted to ensure nothing else came to light....husband gave him one week to pay off the debts and give him 50% of what was left.
That was 2 weeks ago and still nothing has been paid and now the business partner has changed his telephone number and won't answer the door at the house.
We don't know what has happend to the money, although we can speculate he may have spent some of it, we know nothing for certain.
We wondered if police would look into this or whether it would be a purely civil matter. We have to act as softly-softly isn't working and we've had a visit from the bailiffs in respect of the business rates and although I explained we were investigating missing money and they were pleasant enough about it, they stressed it needed paying urgently, which we would do if we had access to the funds, 50% of which are my husband's.
Just stressing so much about it and don't really know what to do!
Thanks
I wonder if anyone who has dissolved a business can help me and the other half.
My husband opened a business (property) with AN Other in 2006 as a partnership.
Fast forward, credir crunch, recession and business running at a loss and really not viable to continue running, however, business partner insists they keep plugging away, which they did until the point my husband realised that he was doing 90% of the work and the business partner was just sitting at home on his backside whilst husband was doing all the work.
So my husband decided he wanted out and talked to the business partner, they had a dissolution agreement, which was signed and witnessed. In that agreement was for two fees which were outstanding would be paid into the joint company account, all debts would be settled and any left over split 50-50.
Since the dissolution agreement was signed, these 2 fees came in BUT the business partner had opened an account in the business name as a sole trader and intercepted the cheques at the office (the one day we were late getting to the office to collect the he post) and banked them. We've
only found out that he has done this because we have had to contact the cheque issuers to ask where the cheques were and this came to light.
Now, we have contacted people who they owed money to and no-one has been paid.
Husband contacted the business partner and asked where had the money gone, he told us he had opened an account and had the funds but he was waiting to pay things, we asked why and he said he just wanted to ensure nothing else came to light....husband gave him one week to pay off the debts and give him 50% of what was left.
That was 2 weeks ago and still nothing has been paid and now the business partner has changed his telephone number and won't answer the door at the house.
We don't know what has happend to the money, although we can speculate he may have spent some of it, we know nothing for certain.
We wondered if police would look into this or whether it would be a purely civil matter. We have to act as softly-softly isn't working and we've had a visit from the bailiffs in respect of the business rates and although I explained we were investigating missing money and they were pleasant enough about it, they stressed it needed paying urgently, which we would do if we had access to the funds, 50% of which are my husband's.
Just stressing so much about it and don't really know what to do!
Thanks
0
Comments
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Report him for fraud...[strike]-£20,000[/strike] 0!0
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My suggestion would be to try and get some free legal advice maybe try businesslink or a free surgery, take all the documents etc and see what the brief says...
Failing that i would just issue in small claims court against the guy now, personally.
You can do it online and its a fairly simple process
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