Deed of subordination

[Lisa1379]

Hi
I have resigned as a director from a Ltd company as I have no trust with the other two partners.
I have £100000 of joint partnership guarantee and I have deed of subordination of £70000 .
Bank does not release me from these obligations.please can anyone tell me how can I take out my money from the business and come out of the guarentee.I am in a great loss and been cheated by the other two partners
Thanks

 

[GTL]

I don't know but I can suggest an excellent lawyer for you to speak to.

 

[ethical PR]

You need to take your stakeholder agreement and other paperwork to a lawyer asap. Any commercial lawyer should be able to help. Find one who is local to you so it is easy to have a face to face meeting.

 

[Clinton]

Your post, like many posts from people looking for assistance, is poorly worded, inadequately fleshed out and slapdash. If you can't be bothered to ask the question properly do you really expect to get useful answers?

What is heck is a "joint partnership guarantee" when it's at home?

And you say it's a limited company but go on to say you don't trust the "partners"?! Partners or other shareholders? Or directors?

If you wish for assistance it pays to take the time and trouble to explain your situation properly and to use the right terminology!

From what I understand from your garbled post, the solution is simple: Sell your DoS to the bank (or a third party) and continue to provide a PG for the remainder of the loan.

With respect extracting your money, I've no idea what you're on about. If you're talking about ownership in the limited company and selling your shares ... that's a whole chapter in itself. If you're talking about getting a loan repaid, that's a whole chapter as well, a different one (and we'd need to know your shareholding percentage, whether the business has assets that can be sold ... and much more).

Don't provide enough detail and you'll get people telling you to go see a lawyer, as two posters have already done. Were you expecting something more useful?