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Answered in 11 minutes by:
1/31/2010
Maurice, Lawyer
Category: Australia Law
Satisfied Customers: 2,764
Experience: Lawyer (Juris Doctor, MBA IntBus) with 25 years Australian Business Experience at Your Service
VerifiedHelloCustomer You mentioned the money was loaned to your Son for a business Partnership, is the Partner also involved here in terms of being part of this loan? Do you have anything in writing outlining the terms of this loan? Finally, is the business trading as a Partnership or under a Pty Ltd structure where your Son is a Director?
Thank you for the clarification. The answer to your question unfortunately is that you have no ability to be able to place a charge (lien or caveat in simple terms) over the company for this debt owed to you, it is a private matter between you and your Son. Sad as it sounds, you may need to go down the legal path of issuing formal writs of demand in order to get your Son to not only acknowledge the debt, but to also be compelled into entering a court ordered repayment plan to you. If he breaches the order, other enforcement proceedings may need to be taken to seize and sell any personal asset he may have, including the order that he transfers any shares in the company of value to you so that you may dispose of them possibly to the other shareholders. It's a drastic step but at least you know where your options and rights are which I trust this information is of assistance and that you will kindly accept my answer as I wish you the best in this matter.
Maurice, Lawyer
Category: Australia Law
Satisfied Customers: 2,764
Experience: Lawyer (Juris Doctor, MBA IntBus) with 25 years Australian Business Experience at Your Service
VerifiedMaurice and 87 other Australia Law Specialists are ready to help you
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