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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I am one of two shareholders in a proprietary ltd company.

Customer Question

I am one of two shareholders in a proprietary ltd company. The company is solvent. I am wanting out as the situation with my business partner and his wife is no longer sustainable and untenable. We have a takeaway and a building complex. 9 units. We've just sold three units, we have four remaining including our takeaway business. with this recent sale, the company is no longer under threat financially, it has more assets than liabilities, but my business partner won't sign a release for me to leave the company.......Is there a way I can leave without being responsible for some liability he may create down the track?
Submitted: 2 years ago.
Category: Australia Law
Expert:  Leon replied 2 years ago.
Good EveningMy name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.I assume you do not have a shareholders agreement and you are equal share holders?What have you signed as guarantor?
Customer: replied 2 years ago.

Thanks for your response Leon.

Correct, we don't have a shareholders agreement and we are equal shareholders.

I've signed as guarantor on a loan with Suncorp Metway.......We have the mortgage with them on the building complex, and this is my concern.

Regards,

Carmel

Expert:  Leon replied 2 years ago.
Good AfternoonYou have to speak to suncorp about releasing you as guarantor.The other shareholder cannot do this.In the agreement does it mention what the process is if one of you wishes to walk away and relinquish their shares?