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Settlement for conflict between shareholders

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asked on Sep 15, 2017 at 17:10
by   goodboy123
I am a shareholder of a company and I want to exit the company. Previously we have made an agreement on how the money that due to me in the company (about 150K) will return to me. But 2 years passed, not a single cent of money being returned. For this 2 years we have been keep arguing every time when I ask about the money. From what I see, they have no plan to do it and it is almost impossible for us to get good settlement internally.

So, how can I get the problem solved? I am thinking of looking for professional 3rd party to help. But whom can I look for? Just any lawyer can do? Is the fee usually expensive?
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answered on Sep 15, 2017 at 18:21
by   vkpc
So, how can I get the problem solved?
I am thinking of looking for professional 3rd party to help.
But whom can I look for? Just any lawyer can do? Is the fee usually expensive?

What do you want to do?

1. Exit the company or    ( easy to do )
2. Get your 150k back     ( hard to do )
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answered on Sep 15, 2017 at 18:40
by   goodboy123
I want to get back my 150K and exit the company.
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answered on Sep 15, 2017 at 20:43
by   vkpc
I want to get back my 150K and exit the company.

How to get 150k back when the company has no money?
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answered on Sep 15, 2017 at 20:56
by   goodboy123
Yeah, basically they are using that reason for not returning the money. But the company has the money (indirectly). The company owns 70% share of a sister company which make good profit and has the yearly revenue over million. The business was originally transfer out from main company.
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answered on Sep 15, 2017 at 21:45
by   vkpc
Was the 150k originally given as capital or loan?
...................................................................
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answered on Sep 15, 2017 at 22:20
by   goodboy123
It is money due to director. But as now I am no longer the director, it is money due to individual.
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answered on Sep 16, 2017 at 13:45
by   jeff005
edited Sep 16, 2017 at 13:51
by   jeff005
How long has the company been operational?
What is your shareholding?

 it is money due to individual.
Not true, it is just window dressing of accs which can be easily reversed.

How 'bout all the money that the company is currently owing? Is it that all the monies need to be settle before it can be shutdown?
You are referring to the monies owing to you or to ALL other creditors?
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answered on Sep 16, 2017 at 13:59
by   jeff005
edited Sep 16, 2017 at 16:14
by   jeff005
The company owns 70% share of a sister company
Via company or individual name?

The business was originally transfer out from main company.
Were you aware of this transfer? Agreed by you too?

U can try  Scorched Earth  policy 
This may need some monies, you have the cash? It is like using good moneys to chase for bad monies.

I can give you a free discussion on how to do it but within this 14 days.
I need to view
1. All audited accs since date of incorporation
2. All audited accs of the sister company

These types minority shareholders  Bullying  has to stop..!!
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answered on Sep 16, 2017 at 16:09
by   vkpc
Unless all shareholders and all directors agree to shutdown the business, it cannot be shutdown easily.
If some one or more director or shareholder do not agree to shutdown,
you need to file a Winding Up petition at the High Court.
This process will take a long time, will cost a lot of legal fees and will also most likely fail.
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answered on Sep 16, 2017 at 16:20
by   jeff005
edited Sep 16, 2017 at 16:23
by   jeff005
Can consider a Creditors Takeover (not Creditors Winding Up or Voluntary Self winding up of the sdn bhd) of the business if the amounts owing to Creditors is substantial. Sometimes window dressing of accs has its setback too. Only a detailed examination of the audited accs will and can reveal the weaknesses. 
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