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I'm a shareholder in a privately own farming company with an…

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I'm a shareholder in...

I'm a shareholder in a privately own farming company with an overdraft facility of $500,000. The 6 shares are owned equally by my sister, our aging mother and myself. My sister lives on and manages the farm (which is largely leased to a sharefarmer). I noticed in the financial report that my sister has taken out a personal loan from the Company for about 150,000. As a guarantor for the overdraft I do not feel comfortable with this. I'm quite surprised that she is able to do this at all, at least without the consent of other shareholders.

Lawyer's Assistant: Because laws vary from place to place, can you tell me what state the property is in?

Victoria

Lawyer's Assistant: Has anything been officially filed? If so, what?

Not that I am aware of.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My sister and I both have enduring power of attorney for our mother. Might be relevent. The land is owned by the three of us as tenants in common (three quarters of it). The company does not pay any lease for this land.

Submitted: 8 months ago.Category: Australia Law
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Answered in 5 minutes by:
11/15/2017
Solicitor: John Melis, Lawyer replied 8 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,282
Experience: Principal Lawyer at Legal AU Pty Ltd
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Dear customer, my name is***** solicitor, thank you for using Just Answer, I will assist with your question today. Please allow me a few moments to review your post and I will respond accordingly. Kind regards ***** *****

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Solicitor: John Melis, Lawyer replied 8 months ago

Do you still have copies of the guarantor documents you have signed ?

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Customer reply replied 8 months ago
Im sure I do, the bank will have a copy if I don't
Solicitor: John Melis, Lawyer replied 8 months ago

So what is your major concern at the moment, apart from the guarantor risks ?

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Customer reply replied 8 months ago
Thanks John.
Solicitor: John Melis, Lawyer replied 8 months ago

I have extended a special offer to you to discuss this important matter by telephone if you prefer ?

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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