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Sharjah, UAE

Obligation of the cheque signatory when he wants to leave the company

I am working in a tourism company in Sharjah, the 100% ownership is with the sponsor. The company started in March 2019, after 3 years only, to change to LLC as per the license.

The sponsor gave me power of attorney to open a bank account so I am signing on cheques and all is going perfectly.

My company has 7 partners and they took various letters on the company letterhead and stamped for mutual agreement, and also my 2 blank cheques and one checkbook are with them.

Please advise, is there any issue if I quit the company?

I want to repay AED 50000 to the company because I paid credit to customers still not received, and I will pay but need few months time to repay the same. They threatened like talking more.

Please advise and how can you help

Bin Eid Advocates & Legal Consultants
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12 Oct 2020, 12:24

You will be responsible for all the signed cheques.

It’s always advisable to make an agreement between you and the partners regarding the duties and liabilities.

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