Asked by Anonymous
Background
We have set up a company, with a few shareholders whom are also directors
The company is holding some properties, which the value of the properties has dropped tremendously
The directors are to top up on the expenses, (i.e. loan, maintenance & sinking fund, upkeeping of the properties, etc) after deducting the expenses from rental collection
Expenses are equally divided among all and each director is to pay for his/her part on a particular date
Predicaments
One of the directors are constantly delaying his part payment
His delay is at the expense (and grievance) of the other directors as we would need to fork out more to prevent bank loans late payment
Dispelling him from shareholding or directorship is at our disadvantage as there would be one person less to take up the losses and share the expenses
Our plan is to dispose the properties at a loss to move on from this partnership. If he refuse to reimburse the lost to pay up the loans, what can we do?
These are what we have done, but futile...
1. Call for meetings, he refuse to join
2. Reminders via call and messages, said will pay but never on-time
Desperately need help to get us out of this predicament with one bad apple
We have set up a company, with a few shareholders whom are also directors
The company is holding some properties, which the value of the properties has dropped tremendously
The directors are to top up on the expenses, (i.e. loan, maintenance & sinking fund, upkeeping of the properties, etc) after deducting the expenses from rental collection
Expenses are equally divided among all and each director is to pay for his/her part on a particular date
Predicaments
One of the directors are constantly delaying his part payment
His delay is at the expense (and grievance) of the other directors as we would need to fork out more to prevent bank loans late payment
Dispelling him from shareholding or directorship is at our disadvantage as there would be one person less to take up the losses and share the expenses
Our plan is to dispose the properties at a loss to move on from this partnership. If he refuse to reimburse the lost to pay up the loans, what can we do?
These are what we have done, but futile...
1. Call for meetings, he refuse to join
2. Reminders via call and messages, said will pay but never on-time
Desperately need help to get us out of this predicament with one bad apple
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