So a few years ago, my mental illness prevented me running the company i'd started in the 90s, so I gave a good mate 50% & allowed him become sole director. How daft (no agreements etc). I was given say 2-5% pa profit - shut up money - slowly became frenemys. I demanded financial reports a while ago, got 2019 basic. Awesome profit. I then learn company assets are held by his family trust, his family are on the payroll, son has new car, loan account is eyewatering & in Jan 2020 was warned/asked to agree to voluntary admin. Have zombied on but I am envisioning a train wreck soon (ATO?) 10 staff. Long established generally profitable business. Is there anything I can demand/do, preferably <$2k? Or is that just chucking good money after bad? Besides the 2019 I've never been given/shown/offered; any financial reports, no agm/no directors report/no minutes, but there were usually conversations several times a month.
He's a CPA, imo the business was fine until someone figured out they couldn't/weren't held to account, now I'd like to share the pain...
ps pretty sure the constitution does not give the chairperson casting vote
thanks heaps
Ralph
He's a CPA, imo the business was fine until someone figured out they couldn't/weren't held to account, now I'd like to share the pain...
ps pretty sure the constitution does not give the chairperson casting vote
thanks heaps
Ralph
