Con-artist Scam
I’ve been trying to get back money for a client who was convinced to part with money on an offer to purchase shares which was too good to be true. The con-artist is now bankrupt, so he is not worth chasing. However, a substantial part of the money was deposited into a lawyer’s trust account, […]
Sale of Accounting Practices
We finalised the documents for the sale of 3 accounting practices. For 2 of them, 70% of the purchase price is being paid now and 30% in a year. In the other, its 80% now and 20% later. My clients are concerned that they will not see the balance of the money, but we arranged […]
Buy, Sell Agreements & Shareholder Agreements
I received some instructions from a client to prepare documents to allow one key person to exit. Instead of the other shareholders buying out his interest in the company, they have decided to have the company buy back his shares, which will then be cancelled, with the company paying the purchase price over a period […]
Exotic Share Class
We have helped a few clients set up companies recently. The last matter required a special class of share for 15% of the total shares issued. This entitled the holders to extra shares each time more shares were allotted to investors in return for capital, such that their original percentage of that class of shares […]
Advice on a Messy Shareholder Agreement
We worked this week on some advice on a proposed shareholder agreement that had been provided to a client of ours. According to our instructions, there were quite a few disparities between the deal that our client thought had been done, and the wording of the shareholder agreement. Some problems included: (a) shares were required […]