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Barend B.
Barend B., Legal Consultant
Category: South Africa Law
Satisfied Customers: 1364
Experience:  BLC LLB (Pret) LLM (Augsburg)
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I need advice on getting my money out of my ex partner. He

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I need advice on getting my money out of my ex partner. He started a business I then bought 5% shares from his trust (Him) in this business i also borrowed the company a substantial amount of money. we have a shareholders agreement that states i must sell my shares back to him at par value within the first 3 years. in Sept 2012 he decided to summarily dismiss me from our company this was one year into our agreement and subsequently asked him to honor our shareholders agreement and repurchase my shares at par value ,and give me a agreement as to how the company would repay the money that I had borrowed it. initially he just said he had insufficient funds. secondly at the beginning of 2013 he came up with a cockamamie scheme to sell of part of the business and in the process i would be paid out in full. This whole deal came to naught and when i pointed it out to him he became very upset with me. I have sent numerous mails requesting some finality and clarity on our separation and yet he simply refuses to reply or he says he is to busy to deal with my request. He has managed to get himself embroiled in all sorts of litigation and is paying little or no attention to the business witch is now failing badly. He informed me of this via sms after i had requested a meeting with him again via that medium when a date and time was agreed upon he reneged on our meeting. I have now lost patience as i have been trying the nice guy route for over one year and he is simply ignoring me
Good evening,

You need to take the shareholders' agreement to an attorney who specialise in company law and contract law, and consult with this attorney. Since I don't have the option to peruse the shareholders' agreement, it would be better to consult an attorney in person, because the next step would be to issue a letter of demand for breach of the shareholders' agreement and if he ignores the letter of demand to issue summons to enforce the shareholders' agreement, or if the shareholders' agreement so stipulates, refer the matter for arbitration. Secondly, a letter of demand must be issued demanding repayment of the loan, which is to be followed by summons if he does not respond positively.

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