QUESTION
Is there any basis on which a unilateral action could be taken against my company that could put my company''s assets at immediate risk?
Asked on Jul 16th, 2012 on Business Law - New York
More details to this question:
I have a Nevada corporation. Prior to incorporation in 2011 it was an informal partnership. I have been paying money to the ex partner as a settlement against any claims he may have. However there have been no written agreements or contracts. Recently I drafted a settlement agreement and have been negotiating the terms with this person. This ex partner is now threatening to take unilateral action against my company, to make an "Application for a Court Appointed Administrator" in a New York court. He threatens to freeze the company assets etc etc. This person is vicious and vindictive - and he does have certain confidential information, like our bank account details etc. I am willing to negotiate in good faith but I really hate to be threatened.
Is there any process that he could invoke, other than going through the usual filing of suit and getting a judgement etc?
1 ANSWER
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It appears that your ex-partner will seek a receivership, constructive trust, or other form of court-ordered remedy available to one who claims an interest in a business. Unfortunately, without more information, it would appear that you will have to defend as against the case. Unless he is willing to negotiate on terms that are acceptable to you, you will have no choice but to participate. There are ways however, to avoid, the 'unilateral' action, as the law in New York does require prior notice of certain applications that are made to a judge. You should timely consult with counsel.
Gerry Wendrovsky, Esq.- Upper West Side Business Lawyer
www.upperwestsidelawyer.com
Answered on Jul 16th, 2012 at 1:21 PM