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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Alex: So how does this work? I'm in Canada, and beginning

Customer Question

HI Alex: So how does this work? I'm in Canada, and beginning my research into a partnership disaster with a UK company that we hold 80% and our UK "partner" holds 20. We want to close the company - it's insolvent - and our partner's counsel tells us we can't do that.
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
Is this a Ltd company?
Customer: replied 1 year ago.

Yes, and all required filings are up to date.

Expert:  Ash replied 1 year ago.
Is it currently trading?
Customer: replied 1 year ago.

Yes, it is still trading.

Thumbnail Sketch:

  1. We own a Canadian Company, TravelWelcome Canada Inc., which controls 80% of the shares of TravelWelcome UK.

  2. The 20% shareholder operates a company called In Cloud 9, which is UK based, but shows as "dormant", although that company uses our addresses, phone numbers, etc.

  3. We determined that the company was insolvent a couple of months ago, and advised the 20% partner of our intent to close it.

  4. He responded with an offer to buy out our shares, complete with a 20k GBP deposit with his UK based accountant.

  5. The deposit documents, although on SEB (Bank) forms, were fakes.

  6. The chartered accountant he allegedly sent the money to failed to advise us that he was also the sole director of In Cloud 9.

  7. Then a lawyer contacted us, threatening to sue for defamation, etc. etc., if we closed the company.

We'd like to know if we can shut the company - because it's insolvent - and if there is any recourse against the partner and/or the chartered accountant for submitting fake bank documents to us.

Expert:  Ash replied 1 year ago.
Yes you can. But you need to appoint a liquidator. If the company is insolvent you MUST stop trading. it is illegal to trade insolvent. You should appoint an administrator to wind up the company.
Can I clarify anything for you about this today please?
Customer: replied 1 year ago.

Is there any recourse for us regarding the false documents/undertakings that were given to us?

Expert:  Ash replied 1 year ago.
That is fraud and should be reported to the police. They can investigate and prosecute where necessary.
Does that help?
Expert:  Ash replied 1 year ago.
I am just following up to see if there is anything else I can help with?
If this answers your question might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.
If you need more help please click reply.
Customer: replied 1 year ago.

Dear Alex:

Sorry for the delay. We are having some internal discussions as to how best to proceed. With regard to the possible fraud, we are quite concerned as to being absolutely certain that this is the case prior to our taking that sort of action.

Thank you for your patience.

Expert:  Ash replied 1 year ago.

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