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JGM
JGM, Solicitor
Category: Employment Law
Satisfied Customers: 11153
Experience:  30 years experience as a solicitor.
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Ben. I am the sole director of a ltd company but only own

Resolved Question:

Hi Ben. I am the sole director of a ltd company but only own 30% of the shares. An investor owns 70%. He has no involvement in the day to day running and I guarantee the business overdraft. I feel I'm doing all the work, taking all the risk and I want out. Can I get him to give up his shares or what are my options please?
Submitted: 1 year ago.
Category: Employment Law
Expert:  JGM replied 1 year ago.
There is unlikely to be any contractual provision which would make him give up his shares and the Companies Act doesn't allow for this.
Can you tell me if there is a shareholders agreement?
If not, what do the Articles of Association say about this, if anything?
If there is nothing in any contract or the Articles of the company your only option is to resign and negotiate the discharge of the personal guarantee if the bank is prepared to allow this.
If you have any further documents or information I will be pleased to look at these.
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