Recovery of Assets / Breach of Fiduciary Duty

This is a discussion on Recovery of Assets / Breach of Fiduciary Duty within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; Over $50K of assets were taken from the business after the corp officer/ex-partner tendered her resignation and started her own ...

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Old Sep 23rd, 2010, 02:10 AM   #1
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Default Recovery of Assets / Breach of Fiduciary Duty

Over $50K of assets were taken from the business after the corp officer/ex-partner tendered her resignation and started her own new business with the assets taken from the existing business. I lived out of state and had no control over the daily activities. She sent a letter with her resignation and return of all stock stating items she was taking when she left - but no agreements were made/signed. Police department ordered no assets were to be removed from the property and this was a civil matter. The following week, the business was "cleaned out" and the police still stated this was a civil matter. Ex-Partner is also no ex-wife now. Divorce judge stated assets belonged to corp and are NOT marital assets and ordered that no assets are to be moved or sold until the courts decide the issue. Prosecuting attorney refused to prosecute the theft of the assets. Her breach of Fiduciary Duty with regards to the personal use/mis-use of Corp funds and taking of assets forced the closure of the business. She refuses to return corp assets. How can I sue (if I can) to get back the assets - she wiped me and the business out financially and left the business owing IRS and all local and state taxes. The business is/was in Bellingham, Washington.
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Old Sep 23rd, 2010, 09:19 AM   #2
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Default Re: Recovery of Assets / Breach of Fiduciary Duty

I wish to inform you that recovery of assets may be done as there has been a breach of trust. In this regard, you may file a lawsuit and can recover assets. A person owes fiduciary duty towards the company and in this a corporation being an artificial person governed by its management and hence management of the company is having a fiduciary duty of not taking corporation assets without any reason.

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