Lawyer:
Background:
Effect of separation in Business Partnership with 3rd party
The Story:
Our client (Kate) had supported her husband in commencing a waste disposal business. The business had grown substantially in the last few years and the husband had taken on a partner, who owned 50% of the equity in the business.
The Husband claimed that the business was valued at $3,000,000, but as his partner would not sell his share of the business, the value of the Husband’s share was reduced to only what a new partner would pay for it, and the remaining partner would have to decide who would be his new partner and how much that new partner would pay for his interest.
The Husband refused to force the partner to sell as he did not wish any bad blood between them.
Kate felt that the Husband’s had undervalued his share of the business and was not prepared for the Husband or his business partner to decide her fate.
The Solution:
We attempted to negotiate with the partner to value the business and either buy out the Husband’s share or to list the business for sale on the open market, but he refused to participate.
We commenced court proceedings and joined the Husband’s business partner to the proceedings, so he was forced to participate.
Orders were made for the business to be valued, and it was valued by a professional independent valuer at $5,000,000. The partner was given the option of paying the Husband out his 50% share at market value or selling the business on the open market. He did not have the funds to pay the Husband the sum of $2,500,000 so within 120 days, the business was sold to an existing client of the business for the sum of $5,000,000 and the $2,500,000 comprising the Husband’s interest was paid into trust.
Kate received 62.5% of the asset pool (as the parties had 2 older children on the spectrum who were cared for by the Wife) and the matter was settled at mediation.
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We appreciate that Wills & Probate cases can take a while to resolve. The costs can escalate unexpectedly, which is why at the commencement of a case, we provide you with the likely estimate of costs and guide you on your best way of minimising these costs.
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Read about our client’s experiences.
We focus on working together with our clients, so that the result is one we are both happy with.
Andy Z
2022-03-08
hqman74
2022-02-11
Great lawyers, highly recommended
Vjollca Dervishi
2021-12-13
When I first visited Aberdeen Lawyers I was scared and emotional, as soon as I met with Suzanne all my fears went away, she has this kind of magic to her that I can not explain.
I can not whole heartdly recommend Suzanne at Aberdeen Lawyers enough!
Suzanne made me feel like I was speaking to a good friend she made me feel welcomed and justified all my feelings, I was with Suzanne in my matter for a year and honestly she has become like family now.
At every point in my case Suzanne walked me through it she made me laugh when I wanted to just cry. I have not met a most caring lawyer in my life and I've been through quite a few.
I owe Suzanne my life.
Thank you Aberdeen Lawyers- special mention to AnnMarie who went above and beyond for me also!
Paul Kelly
2021-11-23
Easy relationship with our conveyancers as we were first time property sellers. All calls were returned in a timely manner, and settlement was made easy for us!
Sally Mannix
2021-11-14
I first went to see Suzanne more than 3 years ago for what should have been a straight forward property settlement. I had no idea at that time just how complicated things were going to get. While I was having a lot of emotional breakdowns, Suzanne always remained calm and dealt with each new issue as they came up. While Suzanne was always professional, she was also very caring and empathetic at the same time. Her “can do” attitude and determination to do her absolute best for her client really stood out from that very first appointment. Suzanne and Vittoria were always available for a “calming” chat and, I can tell you, I needed plenty of them. Andre was very helpful and professional in dealing with another part of my property settlement, also having to deal with issues but able to get things done. I know that the reason I still have my home (with no more fear of ever losing it) is 100% due to Suzanne and her wonderful team. A big heartfelt thank you to you all, you are amazing! I would recommend Aberdeen lawyers to anyone, and I have!!!
Collette Marshall
2021-10-08
I Consulted with Emmanuel Kefalas for my Divorce & Property Settlement. Kind, Considerate & Knowledgeable with Family Law matters.
Emmanuel has a soft tone and was compassionate which made a big difference to my mental state at the time. I appreciated that he wrapped up the settlement as soon the opportunity emerged, no delays !
Thank you. I highly recommend a consultation with Aberdeen Lawyers
Jayne Cassar
2021-09-21
Suzanne and the team at Aberdeen Lawyers were supportive, professional, reassuring and compassionate throughout my recent emotionally stressful case.
I was guided through every step of the legal process. They were by my side the whole way through.
I highly recommend Aberdeen Lawyers.
Thankyou Suzanne for your guidance and support.
Rebecca Shill
2021-09-17
Thank you to Suzanne and AnnMarie from Aberdeen Lawyers for all their hard work on my Family Court Matter. You were very professional and knowledgeable when it come to Family Law. I appreciate all the support you have given myself.
walter fiedler
2021-08-19
I highly recommend Aberdeen Lawyers, as they helped me settle a long and ongoing property dispute with a very good outcome in my favour and I could not be happier. Big thanks to Val and Suzanne
Vasanthi Christina Jayasingh Lazarus
2021-08-14
I went through a very difficult (to say the least) and traumatic children custody court case for 2 years. Emmanuel from Aberdeen lawyers was referred by one of my friend, who was going through his own case at the time. He too had only great things to testify about this law firm.
Right from the time I made an appointment for the initial consultation, starting from Vittoria, in the reception, everyone in the law firm were very warm and empathetic. Emmanuel is a very genuine lawyer, who listens and wants the best outcome for his clients.
He makes time whenever needed and is always available to discuss any aspect of the case, however small it maybe. He is always reachable and returns calls and emails promptly.
The one thing that really stood out for me about him was that he never once during the whole process made any claims or promises to just make it look good or easy.
I’m really grateful to him for getting us across the line with a positive outcome.
He took me through every step of the process patiently and provided the much needed moral support I needed to get out of the traumatic experience.
I would highly recommend Emmanuel and Aberdeen lawyers for their professionalism!!!
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