Need Advice to Recover Debt

Lhaylazf16 on 01/10/2018 - 08:05
Last edited 01/10/2018 - 08:38 by 1 other user

Hi all,

I just need some advice how to approach a debt recovery situation. The amount is $40,000.

The story may sound familiar to some of you. The simplest version of the story is that I got involved in a business with my friends. They started being unreasonable and behaving strangely as soon as we secured the contract from a big company to start the business. I decided to move on and let them know about my decision. I walked away from the company without requesting even a cent and setup similar company with a new contract from a big company.

They wanted to keep my money in the company account as guarantee for any future fault of the jobs I completed. I requested my money after 6 months of waiting period. One of the partners is being unreasonable for nothing by not answering my calls and messages. He also blocked me on Facebook and whats app etc. The other partner answers my calls but he says he is about leave the partnership too and doesn't wanna get involved this. He says he can not comment anything.

I asked a mutual friend to talk to him to find out what is going on. He admitted to a mutual friend he owns money and pay when he feels like it. So it looks like a dead end.

My options are going debt recovery agent or debt recovery lawyer, however, I was told I will lose considerable money to recover the debt.

Is there anyone out there had a similar experience or give me an idea how to approach this situation?

Thanks for all comment.

• 

  CyberMurning on 01/10/2018 - 08:23

  +5

  Bikies

• 

  oscargamer on 01/10/2018 - 08:37

  +12

  Sounds like you walked away from your money.
  Go meet a lawyer.
  Pay that lawyer.
  Either accept their advice or don't.

• 

  bobbified on 01/10/2018 - 08:40

  +7

  Need advice to recover debt

  I'm not sure if I'd be calling this a "debt" that can be collected in the usual sense.
  The harsh reality is, it was poor business decision that you made and regretted instantly.

  Who drafted the original paperwork? Are there clauses in the contract for what happens when someone wants out?

• 

  mreddie on 01/10/2018 - 08:47

  +1

  Get a lawyer would be the best option

• 

  whooah1979 on 01/10/2018 - 08:47

  +3

  i decided to move on and let them know about my decision. I walked away from the company without requesting even a cent

  This part sounds like you walked away without negotiating a return of the start-up capital.

• 

  Hithere on 01/10/2018 - 09:10

  +4

  Only a lawyer with the appropriate experience can answer this for you and get it 100% right.

  Anything else is just surmising.

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  Randxyz123 on 01/10/2018 - 14:05

  What does your partnership agreement say about this? I'd have thought you made an investment, your money stays. Doesn't matter if you leave… You don't get your money back. It isn't debt. You didn't lend your mate the money, you bought into a business idea that you then decided you didn't want to be part of.

  Because obviously you and your "mates" had a lawyer write up what happens if one of you wants to leave and so forth (also known as a business agreement or partnership agreement) consult that paperwork and perhaps speak with a lawyer. If there is no paperwork, I wouldn't even bother doing anything.

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  pantsparty on 01/10/2018 - 14:08

  Is this a debt? What were the terms of your investment? Was there an agreement signed when you gave them the money? Did they issue shares in the company to you or was it structured as a debt arrangement? Too many unanswered questions!