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Okay, so the guy didn't give you any money, yet he now owns 50% of your company. You basically gave it away for nothing. How is that possible? Did a lawyer review this agreement?

Form a new company, transfer the IP, forget this guy.

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How is it possible to transfer the IP if there is another partner who won’t agree to that? A lawyer would be needed on that one but surely it’s cleaner to void the contract.

It depends on his agreement. He may have the authority to do it.

Yes, that sounds like the plan.

Indeed. Use know how, recode in another language if needed, screw the a*e.

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