Hi all
Just wondering how one would stand putting a caveat on a property owned by a PTY LTD of which I was a director of 12 months ago( I resigned). I worked for this company without any payments for 12 months also putting in my personal monies to help it along and still not being reimbursed. The beneficiaries/shareholders of the company are two DISCRETIONARY trusts one I was trustee for until wrongly sacked (personal not business related) also a beneficiary of, also waiting for reimbursment from trust as personal monies and time went into here combined total of roughly $100k. I have been told by the spokesman who tells the director what to do I will get monies I am owed and more, but as some of the other things the spokesman has promised he has reneged. Now I am angry he passes me off to the director who knows nothing of what is going on. The tells me has has nothing to do with the company or the trust anymore, although I know he is he is denying this because 1 he doesn’t wish to talk with me and 2 if centrelink found out he was working for a profitable company I think he would have a problem.
This spokesman has been known to manipulate many other people who aren’t as clever or confident as he, and they too are still suffering his selfish ways, and is untouchable financialy as his favourite saying to people now is he is a “pennyless bum” although everything is tied up in TRUST form…
Unsure if I have been removed as beneficiary of the trust or even if anything could be worth claiming as DISCRETIONARY trust…
[glum]thanx for your time
Firstly sorry to hear about situation.
I can sort of understand as i have kinda been there and done that but thats a different story.
Couple of things:
1) A Pty Ltd has Directors / Shareholders not beneficiaries although the respective Family Trust could hold the shares.
You mention that you were a Trustee of one of the Trusts Did the Company buy out your shareholding ? If not and assuming the shares were equal you would still have certain rights.2) I assume that you are no longer a Bank signatory as “he who controls the money controls the Company”. If you do it would be worth writing to the Bank telling them there is a dispute and you require all withdrawals to be authorised by all of the signatories.
3) This spokesman. Is he an employee ? It is not often that an outsider can tell a company what to do and they do it.
There is alot more questions i could ask but got to run of to a lunch.
i think the first thing i would be doing is getting a good lawyer experienced in Company breakups on your side and acting for you.
12 months is a long time to go without doing anything.
Good luck and keep us all informed.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
Looking for life cover – We Guarantee to beat any quote you have in writing.Richard Taylor | Australia's leading private lender
To place a caveat over property, I believe you have to have some sort of interest in the property. Being a director and former trustee and a beneficiary of the trust that owns the shares in the company that owns the land should be enough.
So just go to the land titles office in your state and fill in the short forms. Shouldn’t be too hard to do on your own, and cheap too.
Terryw
Discover Home Loans
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Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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