Proceedings To Recover Property Ownership

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Posted: 5 years ago

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Description: My father and I have a dispute with my brother in relation to a property acquisition. Despite numerous attempts to resolve the matter internally, it has now come to the point that we are now left with no other option but to commence proceedings to recover legal ownership of the properties.

The background

My father and brother agreed to purchase three properties as equal partners and contracts were exchanged, but because the sale was subject to VAT, the sale was amended to proceed in a newly formed Limited Company with both as 50-50 shareholders. The sellers agreed but subject to them providing an undertaking that the shareholding would be 50-50 in the newly formed company, my brother proceeded to incorporate the Company.

Nearer the time of completion, my father was unable to raise the full capital required for his portion of the sale, so my father and I agreed that I would fund the balance in exchange he would transfer 50% of his shares (25% of the company) to me on completion of the sale. Unfortunately, unbeknown to my father, when my brother incorporated the company, he failed to allocate any shares to him despite their agreement and now claims that he has no intention on doing so and claims they are now his properties.

Is this something you are able to deal with ?

Source: peopleperhour.com