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Nicola-mod
Nicola-mod, Moderator
Category: Law
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Experience:  Moderator
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if there are three directors of a company the company is still

Customer Question

if there are three directors of a company the company is still trading and employs 5 staff members and two of the directors want to closed the company but the third wants it to carry on wishes the other two to resign and the company has no debts and all three own the same shares what will happen
Submitted: 4 years ago.
Category: Law
Expert:  Max Lowry replied 4 years ago.

Max Lowry :

Hi, welcome to Just Answer. I will help you with your question.

Max Lowry :

If the majority shareholder with 75% or more of the vote wishes the company to cease trading and wind up - then this is what is likely to happen. This would be a members voluntary winding up.

Max Lowry :

If the percentages are different, i.e. less than 75% then a different route would need to take place.

Max Lowry :

But ultimately the Company would likely be wound up.

JACUSTOMER-eowffd8p- :

the three of us all own the same shares the company is not in debt and i as one of the directors have a person who is willing to meet the running cost of the company i have told the other two directors to resign fro the company but they say they want it to close as it is clear of any debts how can i stop this

JACUSTOMER-eowffd8p- : I could have gone to a Solictor in morning but paid for this service where it was saying that there were so many solicitors on line I feel con please send me back my payment and do not charge me again
Expert:  Nicola-mod replied 4 years ago.
Hello,

I'm very sorry you did not receive an answer to your question in your required time frame. I will process the refund for you and you should receive email confirmation that this has been done.

I do hope you will give JustAnswer a try again in the future,
Nicola