How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chris The Lawyer Your Own Question
Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23063
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
Type Your New Zealand Law Question Here...
Chris The Lawyer is online now
A new question is answered every 9 seconds

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: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year 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