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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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Greetings Have a business and property dispute. story Four

Customer Question

Greetings
Have a business and property dispute.
History
Four Shareholders in a Storage Facility, I own 25% shareholding and 33% of the land held in Common Ownership.The majority shareholding is held by Father,son and best friend of father.
In 2010 I was diagnosed as having a terminal illness and the Directors and shareholder decided to take total control of business and decided that I would receive a rental income for the property of $1800 per month.
After making ongoing threats to wind up, accuse me of theft and building a storage facility next door to our existing facility and filling these units. They have decided to hold our AGM in their Law firms premises and have decided to Agenda the AGM as follows;
1/ Two Directors, father and best friend will both resign as Directors and assume the management role of the facility to continue paying themselves, massive incomes when compared to the Company income.
2/ Whilst sick I was not provided any financial statements or notified of massive changes to Directorship or any Financial remuneration. Did not receive notification of AGM for six years.
3/ The Directors and Shareholders intend to Install the Son as the sole Director. The son has learning difficulties and would be a shadow Director manipulated to carry out issues in point four.
4/ The Shareholders majority (3) will table a motion to include an a parcel of highly inflated land into our shareholding, watering down my shares.
5/ In addition they intend to pass a resolution that our company purchase this sub standard adjoining property for $650,000 at Marulan NSW in Whoop, Whoop. ***** ***** the friend of the father and I objected fiercely for this property not to be bought, however the father decided that he would proceed and now has built substandard storage units that detract from our existing business.
6/ The ATO made demand for me to produce the financial records for Self Storage Solutions. After nearly six years the Company accountant was compelled to provide me with these Documents. On reviewing these Financial Statements it became obvious that
due to my impending death they would use the company funds to do as they please.
I note that two company cars were purchased, depreciated and disappeared. These vehicles do not appear in the balance sheet each year they were depreciated. One entry that disclosed one of the vehicles evidenced that these vehicles existed.
They have paid personal land tax from the company and as required I paid this tax personally.
My intention is to redress the inequity intimidation and simply exploitation due to their perceived opinion that I will decease in the short term, however my recovery has been astounding and whilst I have my health I wish to seek opinion as to what I can do to stop the transfer of assets denuding the company of cash.
Anticipating you can help me;
Yours faithfully
*** ******(###) ###-####
Submitted: 9 months ago.
Category: Australia Law
Expert:  Leon replied 9 months ago.

Good evening

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advice but a guide to assist you.

They are in breach of the Act for not notifying you of the meeting.

It appears that they have breached their duties as officers to the company.

Here is a guide of those duties

http://etraining.communitydoor.org.au/pluginfile.php/608/course/section/95/GuideDirectors_Apr08.pdf

If you want to stop the transfer of assets you need to get an injunction in the Federal Court.

So you have all the records for the 6 years that this was happening and you were kept in the dark?