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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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Madam I would like to find out re a private company share.

Customer Question

Dear sir / madam
I would like to find out re a private company share . We had a company and it was managed by a CEO. After working 2 years she was arranging a loan to the company. Just before signing the loan contract she asked 10% of the company shares and she said it need to be done before we sign the loan agreement with the lender as she said after the loan it is not good to give her shares. So we trusted her and Gave her 10% of the company shares to her trusting she will fullfill her obligation which is she will bring the said loan funds to the company. But she breach our trust todate she didn't bring the such loan . Not only that she put a case against us as minirity share holder using this 10% shares . My question is can she use this shares as she is still not fulfill her obligation of bringing the said loan which she received this shares for. . And is she entitle to this share as this was issued on a based on her performance which she haven't performed todate. This looks like her scam to get this shares to her how can we take this shares back from her ?
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Morning

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.

So she has not given you the loan and the loan is conditional on you given her 10%.

Was the share transfer made?

Customer: replied 1 year ago.
She was to arrange the loan with a third party. And we even signed the loan docs which the broker took to hand it to HSBC phillipines. Firstly we her gave a letter stating that we are transferring the shares to her because we signed the loan docs. Then she gave the letter back saying that her lawyer said to remove the statement saying it was a bonus for arranging the loan. So we have another one saying without any mention of the loan. The loan she said was $50m us. However after more than 5 months the loan did not come. Thx
Expert:  Leon replied 1 year ago.

Good Afternoon

You have to report this action to ASIC

Are you shareholders and directors of the company?