Hi! I am an Indian, I was running a partnership trading company in Dubai. My partner is from Pakistani (lady). In some situation i found her fraudulent activities in the business, so i suddenly closed my company with certain conditions. And I received a personal cheque from Pakistani partner for withdrawing my shares. I have given her much more time almost 1.5 years to settle my amount but she didn’t. So I filed a cheque bounced case against her. Dubai police is searching for her. But She came to me for compromise to withdraw the case in the following conditions. 1. 15% of payment will be settle in front of Dubai Police. 2. Remaining 85% of payment will give Post Dated Cheque at the time span of 9 months.
Can you please guide me, Shall i go this compromise or what shall i do? because if i agreed the above conditions, she may run away from the country without paying remaining amount.
I want to keep the case until the debt has been paid in full. Please guide me to go further things.
Thank you so much for your question. I don’t often get one from the creditor point of view.
You are right, she may run from the country without paying the rest of the amount due. When you sold her your shares and gave them to her in advance of getting paid, you accepted a risk that she might not pay. This risk should have been factored into the price you agreed for your shares. The higher the risk, the higher the sales price.
To minimize the risk yo could have sold her shares as she made payments. But then what would have been left with, shares in a company that might have been failing and you as a shareholder.
The proposal she is making does not seem unreasonable and allows you to get paid some money now. What you might want to consider is having the two of you enter into a legal agreement that returns your remaining shares to you if she fails to make the promised payment. If you think that is a good idea then I would strongly suggest you have a local solicitor or attorney draw up the agreement to make sure it is locally binding.
But let’s say you do enter into such an agreement and she fails to pay, are you really willing to get back your remaining shares and be back in business with this person?
Please post your responses and follow-up messages to me on this in the comments section below.Big Hug!