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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100964
Experience:  Lawyer
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Can you help a small company with legal advise from a

Customer Question

can you help a small company with legal advise from a tresurer running up bills
Submitted: 1 year ago.
Category: Canada Law
Customer: replied 1 year ago.
I am president of a limited alberta company I wan t to release my treasurer who has 50% shares she is buying new cars on my expense how do i remove her? my company now is more in debt than its worth
Customer: replied 1 year ago.
my treasurer needs to sign off her shares does she get half the debt if she is 50% shareholder??
Customer: replied 1 year ago.
Customer: replied 1 year ago.
does thioSearch ResultsChapter 1 - Why Should I Incorporate? - Corporations Canada
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Heather Conway, Executive Vice President, English Networks ... The Canadian Broadcasting Corporation (French: Société Radio-Canada), officially .... The CRBC took over a network of radio stations formerly set up by a federal Crown ... the CBC provided limited television service to remote and northern communities.does this work???
Customer: replied 1 year ago.
hello anyone?
Customer: replied 1 year ago.
my accountant laughed saying if she wants half...half the debt is i get that?
Customer: replied 1 year ago.
please answer me
Expert:  Debra replied 1 year ago.

The reason no one answered is that you posted in the middle of the night. Secondly, one of your postd is exceedingly long and essentially illegible on the site. I'm sure it read properly when you copied and pasted it but did not copy and paste properly. It is much too long for anyone to read in any event.

It seems that your question is more simple than your post would indicate. Are you simply asking how to deal with a situation where one of the two shareholders wants to get rid of the other shareholder? If that is the question, do you have a shareholder's agreement and if so what does asay about selling shares and buying shares and buying one of the others out?

Customer: replied 1 year ago.
No agreement i know of. Just a limited company with a president and a treasurer. 50% each. And she is needing to leave the company is worth $5000 and is now $50000 in debt due to her. She wont sign her shares to me unless she gets half. Half would be $25000 in the red
Expert:  Debra replied 1 year ago.

Her shares have no value because thr Corporation has no value. It would not make sense for you to have her sign her shares over to you because then you would be stuck with all of the debt.

If she has caused the bulk of the debt then it would make sense for you to retain a lawyer and have the lawyer send her a letter essentially threatening a lawsuit. She will be required to put back any money that she took from the corporation unlawfully. She will have to pay back the corporation at least for these outlandish expenses that are not legitimate corporate expenses.

Customer: replied 1 year ago.
i will not see any money from her. But she still is using my company for loans. Collateral etc. I need her off. How do i do that? My accountant is sure if she wants half she gets half the debt too. But how do i proceed? Before im bankrupt
Customer: replied 1 year ago.
She has no job now and bought a brand new car. Ill probably get a bill for payments
Expert:  Debra replied 1 year ago.

You will need to retain a lawyer to assist you. You may have to go to court. And you need to do this very quickly because she's taking terrible advantage of the situation.

Customer: replied 1 year ago.
Ok. Thankyou
Customer: replied 1 year ago.
What can happen if i default on a company loan? Says i would pay legal fees and expenses. But you can force me to pay can they?
Customer: replied 1 year ago.
Would they sue me and my ex or just me if she hasnt signed off?
Expert:  Debra replied 1 year ago.

You never told me that your partner was your ex.

If this is a legal marriage some of what I told you may not be able to take place. You will not likely be able to sue her civilly will need to deal with this in Family Court.

If this is corporate debt no one can come after you personally unless you signed a personal guarantee.

But this is going well off what we started with and if you want to continue on this line questions you'll have to rate me first and then start a new fresh post.

Customer: replied 1 year ago.
Ex girlfriend. Not married. One loan was td bank business loan. One from her sisters business with both out names on it. Not huge but still loans to the company i will pay td. Not sure about her sis since she would need both us in court
Expert:  Debra replied 1 year ago.

Then you can sue.

You are both liable for joint personal debts or debts you both guaranteed.

Neither are personally liable for corporate debts.

Customer: replied 1 year ago.
Awesome. You da man. Or woman. Thankyou
Expert:  Debra replied 1 year ago.

Thanks for the great compliment!