SBG 3524/2015
This case involved profits owed to a partner in a joint venture. A key issue was whether there was evidence of an agreement to postpone the payments.
Background
A claimant brought a claim against a defendant requesting he pay his due profits from the company and to return capital which represented 50% of the company.
The defendant said that there was an agreement with the claimant to start paying him profits in monthly instalments and that defendants agreed to the accuracy of the claim.
The court of first instance said that this dispute resulted from a partnership between the parties in a joint venture and therefore the Board of Grievances' courts had jurisdiction to consider it under Article 2 of the Companies Law.
The court said the defendant had agreed that the demands of the claimant were correct but he said that he had agreed with the claimant to postpone the payments. The principle was that the profits should be paid once they were due and the defendant had conceded that he was in a partnership with the claimant and the latter had the right to the requested amount.