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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 34869
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
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I spectated from the father of my 3 children 3 years ago.

Customer Question

Hi,I spectated from the father of my 3 children 3 years ago. The children live with me and stay with him regularly.We have a joint mortgage on the house that the children and I live in. He pays the mortgage and bills but has never paid any maintainence.He owns his company. When we set it up 10 years ago he allocated himself 1200 shares and 200 shares to me. When we separated he signed my shares over to himself without my consent. I only realised because I checked company house. I have requested that he give them back but he has refused.I would like to know where I stand legally. Please can you advise
Submitted: 1 month ago.
Category: Family Law
Expert:  Clare replied 1 month ago.
Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
What is the nature of the company and how much is it worth?
Customer: replied 1 month ago.
Hi Clare,Thanks for getting back to me.The company is a courier company and it's worth £600000. It's also worth mentioning that we were not married. However we were together for 17 years.Thanks
Customer: replied 1 month ago.
Do you need any more information?
Customer: replied 1 month ago.
Hi Clare,I replied to your question 10 hours ago and have not had response from you. Please reply by tomorrow or I will assume you are unable to answer the question and will request a refund
Expert:  Clare replied 1 month ago.

I am sorry - we are all working lawyers and not online all the time

Does the compant have employees - or is it just him?

How much is the property worthe and how much is outstanding on the mortgage?

Customer: replied 1 month ago.
Hi Clare,Yes the company does have employees.Just to confirm, the question that I am asking is...Where do I stand legally from the point of him transferring my shares into his name without my consent. He basically stole my shares which equate to 20% of the company. I need to know if and how I can have them reinstated.
Expert:  Clare replied 1 month ago.

I do understand what you wish to know, but needed to understand the nature of the company to give the most practical answer.

I now need to know how important it is to you that you get those shares back - bearing in mind that within the financial side of divorce proceedings who owns what does not matter

Customer: replied 1 month ago.
As we were not married there are no divorce proceedings. As mentioned previously he moved out of the familly home but continues to pay the mortgage and household bills. Our three daughters and I live in the house. He does not pay me any maintenance.The company shares were in my name and he fraudulently transferred them into his name so I would like them back, or to be compensated for them. I just need to know where I stand legally...
Expert:  Clare replied 1 month ago.

My apologies - I should have asked and failed to do so.

What income does he have?

Customer: replied 1 month ago.
He paid himself dividends of £60,000 last year
Expert:  Clare replied 1 month ago.

How much is is he paying for the mortgage and bills?

Customer: replied 30 days ago.
163;1200 per month
Expert:  Clare replied 28 days ago.

Ok

Sadly that means that he is paying you more or less what he should - even if it is not described as maintenance

Clearly he has effectively committed fraud and 'stolen" these shares from you.

The quetsion is what the value of the actual shares are.

If you could establish a figure for that then you could simply sue him for the money involved.

The alternative is to apply to have the Transfer set aside on th basis of the fraud

This could be an expensive option - but nonetheless one your entitled to take

Customer: replied 27 days ago.
Thank you for your response. What does ‘have the transfer set aside’ mean and how do I go about doing it?Also I was under the impression that if I had the shares returned I would be entitled to dividends. Is this the case?
Expert:  Clare replied 26 days ago.

Two things you need to remember is that your ex can simply issue more shares and flood your 200 (if you get them back) and of course he also retains the right to decide what dividends are issued

However if you do wish to challenge the Transfer then the starting point is to contact Companies House and inform them that the transfer was fraudulent