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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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In the case of a partnership dispute will the bank freeze the

Customer Question

In the case of a partnership dispute will the bank freeze the account ?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts : Hello my name is ***** ***** I will help you with this.
Alex Watts : For now can you please let me know tte nature of the dispute?
JACUSTOMER-ms2c723a- :

Hi Alex.

JACUSTOMER-ms2c723a- :

The dispute is at a doctors practice with 3 doctors in partnership. A dispute has arisen and the original bank mandate was any two of their signatures for any amounts debited over £1000.

JACUSTOMER-ms2c723a- :

A dispute has arisen and we need to know if it is normal banking practice to freeze an account and await instructions from all parties concerned before any new mandate is able to operate.

Alex Watts : No.
Alex Watts : This is because unless there is a court order any partner is normally signatory
Alex Watts : This means any partner that is signed on the account can manage it.
Alex Watts : You can get a court order freezing the account but until this is done any signatory can manage the account
Alex Watts : I am sorry if this is not the answer you want and certainly not the one I want to give you, but I have a duty to be honest
Alex Watts : Can I clarify anything for you about this today please?
JACUSTOMER-ms2c723a- :

The position is that there are 3 partners and the mandate is any two to sign debits over £1000.

JACUSTOMER-ms2c723a- :

The partnership is in dispute.

JACUSTOMER-ms2c723a- :

Two partners are asking for sums to be paid which the third partner does not agree with.

JACUSTOMER-ms2c723a- :

The bank are on notice of the dispute and have frozen the account.

JACUSTOMER-ms2c723a- :

The partner who is in disagreement agrees with the decision.

JACUSTOMER-ms2c723a- :

We just need to know iif this is normal banking practice.

JACUSTOMER-ms2c723a- :

We contend it it but we need to be sure

JACUSTOMER-ms2c723a- :

Thanks for your help

Alex Watts : Ok. No it's not normal if a person is a signatory
Alex Watts : You can apply to the court to unfreeze it.
Alex Watts : Does that help?
Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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