QUESTION
What do I do if I have not received reimbursement from the company I have invested in?
Asked on Jan 28th, 2013 on Labor and Employment - Wisconsin
More details to this question:
I've invested some of my money to help keep the company I worked for to stay open. At the time of my purchases, they didn't have the money. I've quit the company and have told them they need to reimburse me. They have all the products I've purchased.
7 ANSWERS
Steven Lee Miller
Were you a partner/ investor with the company or simply just an employee? If you were truly just an employee, they cannot make you invest for purposes of securing your job. In addition, the company cannot require you to pay for business expenses without reimbursing you.
Answered on Jan 31st, 2013 at 8:53 PM
It all turns on the terms of the transfer of money, was it a loan or an investment.
Answered on Jan 31st, 2013 at 8:28 PM
Elder Law Attorney serving Hollister, CA
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Charles R. Perry
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A key question is the form of your "investment." If it is a loan, then you have a right to be repaid. If it is an ownership interest, then you might not. If it is a loan and the company will not reimburse you, your remedy is to sue in court for the money owed, plus interest. I suggest you speak with a civil litigation lawyer to determine a cost-effective strategy and decide how you should proceed.
Answered on Jan 31st, 2013 at 8:25 PM
If this was a loan, may sue the company. But, you say you invested. That is not the same as a loan. If you purchased stock in the company, you became a partial owner, and your rights are limited to those rights that belong to a stock holder, which does not always include getting your money back. You may need get used to the idea that you invested in a company that was a bad investment.
Answered on Jan 31st, 2013 at 8:20 PM
Administrative Law Attorney serving Sherwood, OR
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Employment Law Professionals Northwest LLC
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Send your previous employer a letter by regular mail and by receipt return requested making a demand for the amount you are owed. Indicatee to them that you will file a claim with the Bureau of Labor if you are not reimbursed within 72 hours of receipt of the letter. If they do not pay, file a complaint with BOLI.
Answered on Jan 31st, 2013 at 8:08 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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Sue them. It sounds like they have financial problems. My guess is that if enough people sue, they will file bankruptcy. Or you could find two other creditors and file an involuntary bankruptcy against the company.
Answered on Jan 31st, 2013 at 7:00 PM
You should contact an attorney to make a demand for reimbursement and take legal action if necessary to get reimbursed.
Answered on Jan 31st, 2013 at 6:58 PM