19 October 2006
My client, A is controlling director of company X. Several years ago he and an unrelated person, B, invested in an unrelated, company (Z), each acquiring 50% of the shares and agreeing to advance long term loans to the company. A shareholders' agreement provided for total equality between A and B in respect of their investment into the company and all other matters; all loan repayments would also be equal. A and B were appointed directors. Equal funds were later advanced, but A's contributions were made earlier and, to avoid a disparity in the interest due, he waived the excess.
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