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I agree with you, the grant is not an asset of the business, it is to be used for ongoing business costs and her taking 50% of the grant monies for her personal use is in breach of the terms of the grant. See here: "This funding is being made available to help small, rural, retail, leisure and hospitality businesses with their ongoing business costs in recognition of the disruption caused by COVID-19. "
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Yes, a 50% split of the assets is in order. Perhaps you may offer to buy her share out so that you retain the fixtures and fittings and pay for this from the grant funds as you will continue operating the business after buying her out.
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You may ask your accountant why he has done that and point out the governmental guidance.
I am afraid I cannot speak on the phone.
Have you contacted her about this?
I have nothing further to add.