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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22320
Experience:  37 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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I have debts incurred by my company including consent

Customer Question

I have debts incurred by my company including consent process with Council $56,000 the other shareholder who is a well known real Estate agent has sold the assets being consented land and left me and the company in debt over $300,000 I own 50% of the company with 2 other shareholders what are my options
Submitted: 3 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 3 months ago.
If the land was owned by the company you could claim against the agent. If the land was the asset but not directly owned you could pursue the agent for breach of fiduciary duties by preventing the company from taking advantage of the transaction. You may need to consider whether the company should be liquidated if it cannot pay the debts and is insolvent

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