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 Buachaill Your Own Question

Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10457
Experience:  Barrister 17 years experience
53108719
Type Your Law Question Here...
Buachaill is online now

I invested in a property development with two other partners

Resolved Question:

I invested in a property development with two other partners and we established a deed of trust. At the time I was going through a separation with my partner and had taken on a new job, I found it difficult to concentrate on the day to day running of the business which was mainly left to my associates. one of my partners remortgaged to help secure the property,
And in agreement this was to be repaid through the sale proceeds. At one point I injected more money into the project to keep it going above my initial input, which was to be paid back as part of my investment.
Once the property was sold, we began the process of auditing our books, only to find a large sum of money missing, which had been spent buy the person who remortgaged his property.( He is the main share holder) upon questioning, he initially denied any abuse of our business account so we had a proper audit done through our accountants, who came to the same conclusion. He then apologised saying that he'd used the wrong card in error! But what also came to light, was that he had set up a direct debit with a finance company through our Ba account.
In our deed of trust, we evoked a clause which is basically two against one. We instructed our solicitor to only release our initial input, and to retain the profit until we have a account on where the money went.
This has provoked him and is now questioning by way of legal advice my shares in the project through lack of involvement.
Does he have a case against me?
Regards
Gary
Submitted: 1 year ago.
Category: Law
Customer: replied 1 year ago.
(Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Expert:  Buachaill replied 1 year ago.
1. Dear *****, in a partnership such as this for property development, there is no rule of law that a partner's share is dependent upon input into the project. Accordingly, your business partner who is now questioning your lack of input into the project cannot reduce your share as a result. In essence, he has been caught with his pants down and he is reacting badly to it.
Expert:  Buachaill replied 1 year ago.
2. What governs in a situation like this, is the Deed of Trust or any shareholders' agreement which might have been entered into by the partners. Involvement might determine what salaries, if any have been agreed, that the respective partners might receive. But it does not govern the respective shares each partner receives.
Expert:  Buachaill replied 1 year ago.
3. Be aware that it is fear on the part of the partner who misappropriated the money which is driving this issue. he could be prosecuted for fraud. Both criminal and civil sanctions could lie against him. His solicitor has told him this and this is now his method of "fighting back".
Expert:  Buachaill replied 1 year ago.
4. There is also the issue that this partner who misappropriated the money may now not get back what he had planned. Chances are that he is in financial difficulty as a result, so this is why he is so aggressive now.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10457
Experience: Barrister 17 years experience
Buachaill and other Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Jo C.

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
< Previous | Next >
  • http://ww2.justanswer.com/uploads/EM/emus/2015-7-7_192327_bigstockportraitofconfidentfemale.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    30316
    Over 5 years in practice
  • http://ww2.justanswer.com/uploads/BE/benjones/2015-12-1_0437_ennew.64x64.jpg Ben Jones's Avatar

    Ben Jones

    UK Lawyer

    Satisfied Customers:

    11553
    Qualified Solicitor - Please start your question with 'For Ben Jones'
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    1754
    Barrister 17 years experience
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Advocate

    Satisfied Customers:

    894
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/UK/UKLawyer/2012-4-12_9849_F2.64x64.jpg UK_Lawyer's Avatar

    UK_Lawyer

    Solicitor

    Satisfied Customers:

    750
    I am a qualified solicitor and an expert in UK law.
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    402
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    8199
    LL.B (Hons), Higher Prof. Dip. Law & Practice