Questions & Answers
How to claim money back from a partner after separation
Good afternoon,
I am writing from Italy. Before going to court, I would like to know, according to UAE's laws, if I'm entitled to claim my money against my former Bangladeshi partner.
I will sum up the situation briefly:
I and my Bangladeshi partner opened on 23rd April 2019 a fifty-fifty trading company in Ajman FreeZone. Due to Covid in June 2020, we decided to separate.
Meantime in July, we received an order from a customer with a shipment date in November. After order, proforma invoice, adjustment quantity, etc, on 1th of September, we received a definitive LC at sight from the customer.
On the 14th of September, I signed in favor of my partner and left him all my 50% shares for free. I want to know if I'm entitled to ask for my part of the money because I brought the customer and my former partner doesn't want to pay.
Please note that I signed a transfer share form in Ajman FreeZone offices, but nobody wants to give me a copy.
Many thanks for helping!
Dear questioner,
To give you accurate advice, I need to review the documents including but not limited to the share transfer agreement with its conditions, also the internal practice which is followed when one of you brings customers to the company, and the closure of your account if any.
It is very important to ensure that your name was officially ally removed from the company in order to avoid any future legal implementations while you believe that you have sold your shares.
Regards,
Sayed
