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Leon
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42645
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I would like to ask whether or not there are any way to

Customer Question

HI. I would like to ask whether or not there are any way to proceed with a business sale where one out of four partners are sabotaging the running of the business and refuses to neither buy/sell the business.
JA: What state are you in? It matters because laws vary by location.
Customer: NSW
JA: Has anything been filed or reported?
Customer: No, there's only been the one time we called the police because they were harassing us at our home but no we have not reported anything at the business location. They have caused our staff much grief and stress that the staff have all asked for time off. We have now found another buyer but they appear to be demanding a higher amount (ridiculous amount, considering the short terms left on the lease).
JA: Anything else you want the lawyer to know before I connect you?
Customer: I just want to find out what options we have, in case they completely refuse to sell to the current potential buyer. From day one of taking over the business, they have caused much trouble and stress and wanted to shut down immediately, not caring whether we lose all our invested money. Yet they demand more profit throughout this time. Now they want to shut it down immediately again, so we found a buyer and they are refusing to cooperate.
Submitted: 1 month ago.
Category: Australia Law
Customer: replied 1 month ago.
Where I said "We have now found another buyer but they appear to be demanding a higher amount (ridiculous amount, considering the short terms left on the lease)." I was referring to the one business partner who is causing issues. They keep wanting to shut down the business, however refuses to buy our share of the business, nor sell theirs to dissolve the partnership.
Expert:  Leon replied 1 month 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 I am very limited on what I can tell you and that you may have to get more detailed advice.

You have to go to court and get an order to sell. If he or she refuses to sell then the court will sign on your behalf.

If you are a partnership or a company where you each have shares the distribution is based on the shareholding or equal to the partners.

They cannot get more unless they have a greater share on paper.

If he is causing damage you can sue him for any losses he causes.

I hope this makes sense and is of assistance If there is nothing further

thank you for using my services.

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.

Regards

Leon