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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42650
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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We a currently winding up the family company and have agreed

Customer Question

We a currently winding up the family company and have agreed on figures and transfers on two properties. The other party is now stalling the transfer as they want their property reduced after we have agreed on paper with both solicitors. What are my options now?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.
Good Morning
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question.
I am unsure with what you mean they want their property reduced?
Customer: replied 1 year ago.
Contracts have been prepared to transfer 2 properties and a agreed figure from both properties have been made on paper. But the other party is stalling saying that they are not happy with the figure and don't want to pay the amount that was agreed on.
Expert:  Leon replied 1 year ago.
Good Morning
If that is the case then there is a dispute about price
In that case you have to get a valuer to give a market valuation or have the properties sold on the market.
Do you have shareholders agreement that sets out what happens to assets and how they are valued if the company is dissolved?
Customer: replied 1 year ago.
Yes we have had numerous valuations done on the properties and everything regarding dissolving the company has been sorted. Do we have any legal grounds to stand on regarding that the amounts of the properties were agreed on paper by both parties.
Expert:  Leon replied 1 year ago.
Good Afternoon
If you have signed documents then you can enforce them and sue the other party
Alternatively you have everything liquidated and the money split as per the share holdings.
Customer: replied 1 year ago.
The issue is they are not signed documents. We only have correspondence by both solicitors that the other party had agreed to the figures at that time. Selling the properties would drag this matter longer as they will never agree on an amount. The wife of the other shareholder has no part in the company but is the one dictating this matter. The company was left to two sons.
Expert:  Leon replied 1 year ago.
Good Afternoon
You have no choice but to sell and liquidate.
This will cost more money and the other side have to know this.
You can also consider suing for any looses suffered as a result of their actions.
Expert:  Leon replied 1 year ago.
Good Morning
I'm just following up our discussion earlier this week and seeing whether there is anything else I can assist you with.
If I have missed anything, or you have any further questions please let me know.
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
I look forward to hearing from you.
Regards
Leon
Expert:  Leon replied 1 year ago.
Good evening
I'm just following up our discussion earlier this week and seeing whether there is anything else I can assist you with.
If I have missed anything, or you have any further questions please let me know.
If there is anything else in the future please do not hesitate to ask.
Please do not forget to leave positive feedback.
I look forward to hearing from you.
Regards
Leon