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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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Wondering how to separate in a company partnership with no

Customer Question

Wondering how to separate in a company partnership with no constitution?
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 advise but a guide to assist you.

Are you both the only shareholders and directors?

Customer: replied 9 months ago.
both share holders and directors of a company which has signed a lease to a commercial premises of 3 years
Expert:  Leon replied 9 months ago.

Good Evening

Are you both guarantors of the that lease?

Do you both agree to finalise the company and walk away?

Customer: replied 9 months ago.
The company name signed the lease with two directors one being myself. No the other director does not want to finalise the company and walk away- I just need to know what the best way to go about it is. I want to leave the company and want to know my rights to this.
Expert:  Leon replied 9 months ago.

Good Evening

I would check to make sure you have not guaranteed the lease. If you have you are personally liable if the company does not pay.

If he will not agree then you can take the matter to court and get a court order to wind up the company.

If the other shareholder is happy to buy you out then he can buy your shares and you resign as a director and then you are out of it.

They are your 2 options.

But check the lease about the guarantee.