Urgent any property lawyers on?

[Urgentadv]

Ex and I have a business.
We are just about to draw down a commercial mortgage.
I have noticed some missing funds.
I have written to him to demand we both have oversight and can't transfer without both signatures. He won't engage.

I thought, fine, I won't sign until it's settled. The drawdown form has just arrived and it only requires one director's signature.
Help, what can I do?

You need to get actual legal advice, from a specialist solicitor, not strangers on the internet!

IANAL so can't help with your question - but can you draw it down and put it in your own account. That would give you some leverage to get him to agree to both parties having full oversight?

Also, you could try asking this in Legal Matters rather than Property, you might get some idea of the legal position until you can get yourself to a solicitor in real life.

Are you both the only shareholders?
And is it 50/50 holdings?

You could make an anti-money laundering report to the bank on the basis that you suspect that a fraud has occured with another likely to happen if the money is paidbdown and request that they freeze the account but that will likely cause long term issues.

The best option is to get legal advice tomorrow morning from a specialist (on how to go about winding down the company) who is not connected to the company.

Do not under any circumstance move company money into your personal accounts

Thanks @AnSolas.
I certainly won't be doing any grabbing of funds.
Yes, equal shareholders. I'm just concerned he might have already returned the forms.
He hasn't responded so I've emailed the solicitor dealing with the paperwork. Is that enough to halt it? Or could he ignore that?
I just don't know where I stand legally. The guarantee forms have been sent named individually, so looks like ex has contacted the solicitor separately.

To the person who said I should not be asking randoms online. That's what is available after hours, and it's urgent.

@Urgentadv _ Link to MN Legal Section if you want to post there
https://www.mumsnet.com/talk/legal_matters

I've found this forum helpful about numerous money issues
https://www.lemonfool.co.uk/viewforum.php?f=2&sid=7bd298efc977c7faad8334287350daa7

You are dealing with the legal framework used to set up the company and the limit (if any) placed in directors.

In smaller companies it is not unusual to allow a single director to bind the company so unless there are limits in the documents sent to the company solicitor, s/he is entitled to act on your Ex's single signature and verbal instruction.
The same issue with the loan companys legal team. They will have been given documents which authorises named people (you and Ex) and details on if a single director's signature forms a binding contract.

You need to get your own legal advice because your business relationship has broken down and you dont trust him any more. So it is likely in your best interest (and faster) to act as a shareholder and wind up the business.

The "good" news is that your company solicitor will normally have an agreement with the bank not to put the money into your company account as this reduces the risk of one or both of you running off with the money. Rather that the money stays in the solicitors account and is paid over to the property seller.

But as you are saying you think your Ex stole company money to the Bank (of the company) and the Mortgage Bank (if different) and the Company (not your) Solicitor you need your own legal advice. The Bank "should" flag the original transfer as proceeds of crime and the money and bank account it landed in should be frozen untill the Bank is sadisfied one way or the other.

If you notify the Bank that you don't want the mortgage drawn down unless the funds go into your solicitor's client account (assuming you are using a solicitor) then instruct the solicitor that the money is not to be paid away on the instruction of only one Director then that should hold things for now. As others have said you then need independent legal advice outside of the firm dealing with the commercial mortgage.