Asked by Kabelo on 17-07-2020 16:39:11
Question posted in the Intellectual Property Law category relating to Mpumalanga
I recently resigned as a director.2yrs ago the company bought a vehicle and signed as a surity for it, before I resigned I wanted to surrender the car or to be replaced as surity but the guys refused to let go of the car and said they will carry on paying for the vehicle and start the process of replacing me as surity. Well I resigned and few months later I started receiving calls from the bank that the car is in massive arrears and I should volunteerly surrender it, I went back to my former partners and explained the situation and they refused to listen to me saying Im no longer a part therefore I can't decide for company's assets. I signed the papers to surrender the car but they kept on refusing saying the bank must go to court, they won't let me decide for the company that I'm no longer part of it. How do I go about resolving this issue?
Answer to the Question
Posted by Att. Patrick on 18-07-2020 22:05:17
I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.
You've got a problem! The bank will sue you for the missed payments, but then you will be able to sue the company for whatever you pay the bank. This is not a good position to be in - I'm afraid.
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