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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10238
Experience:  Civil litigation attorney for individuals and businesses.
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I M 50% OWNER IS A COMPANY - NOT EMPLOYED THER BUT A

Customer Question

I M 50% OWNER IS A COMPANY - NOT EMPLOYED THER BUT A SHAREHOLDER. THREE YEARS ABO MY COMPANY FILED FOR BANKRUPCY AND WERE BOUGHT OUT BY ANOTHER FIRM - I HAD YET TO RECEIVE ANY DOCUMENTS, FINANCIAL REPORT, TAX RETURNS.
FURTHER ONE OF TRHE DIRECTORS USED MY PERSONAL VREDIT CARD TO SETTLE SOME DEBTS. I HAVE WRITTE LETTERS, SENT EMAIL (212) CALLED NOT A SINGLE REPLY. WHAT CAN I DO? LEGALLY THAT IT
Submitted: 1 year ago.
Category: Legal
Expert:  CalAttorney2 replied 1 year ago.

Dear Customer,

I am sorry to learn of this situation. Unfortunately I fear that you may be too late to file suit for the bulk of your damages claims.

Your primary cause of action to recover in this case appears to be a suit for "breach of fiduciary duty" against your fellow shareholder, but the statute of limitations is 2 years from the date of the injury. If this occurred 3 years ago, you would be beyond the statute of limitations already.

You can still sue for a breach of contract claim, but you must show that this is a contract problem - the fact that your company went through bankruptcy suggests that the sale to the new owners was done through bankruptcy court rather than through a regular "arms length transaction" which would mean you have far fewer protections.

I would suggest speaking with a local attorney as the computation of statute of limitation deadlines is more complicated than simply identifying the appropriate number of years and the date of injury (there can be other facts that "toll" (delay) the statute, or may extend it based on the specific facts of your case - but in general I would be very concerned about this particular issue.

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