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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a business that has never made any money. The current

Resolved Question:

I have a business that has never made any money. The current set-up is that I have 90% of the shares and I want the other director to resign and sell me their 10% for a nominal amount. The options I'm looking at are either shut the company down, although I'm not sure the best way to do that is as in make it dormant, change the name etc but for convenience I'd like to keep hold of as I like the name and there is a bank account set-up with the same bank that I have my personal accounts with. So I'm interested in some advice on what would be the best way to go on this.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.
Alex Watts : I am not sure what you are trying to achieve please ?
Customer:

Hi Alex,

Customer:

1. I would like to remove this person as a director

Customer:

2. I would like to either get them to sell their shares for a nominal amount or render them valuless

Customer:

3. The overall aim is to not have to setup a new company as I like the name, bank account is setup etc so there's the hassle of setting up a new company I would like to avoid

Customer:

4. They are talking about making a claim against the company for unpaid time and materials, I would like to render that potential claim less valuable by placing my own claim against the company for unpaid time and materials

Customer:

5. If the above cannot be achieved as a last resort I'd like to rename the company as the majority shareholder and then effectively make it dormant, and then I can setup a new company with the same name. I also personally own the trademark for that name in the UK.

Customer:

I realise there's more than one question in that and we may need to rework the fee

Customer:

Thanks,

Customer:

Tim.

Alex Watts :

1. You can remove them as a Director by passing a resolution

Alex Watts :

2. You can buy them once the value has been agreed, but can't force the person to sell

Alex Watts :

3. Yes I understand

Alex Watts :

4. Yes I understand, which is something you can do

Alex Watts :

5. You can't rename the company and set up a new one, Companies House wont let you do this.

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

That's fine thanks, XXXXX XXXXX I ask another question as in I want to ask about how I put in a claim against the company for time and materials as I think actually it maybe useful long term for the company to recognise that debt even if it's not immediately materialised, it could be offset in future and as I say deter the other person making a claim. I kind of feel you've answered the first question so can this be a separate follow up question.

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you
Expert:  Ash replied 3 years ago.
Yes, if you can post a new question but put this for my attention: Alex W

Thanks!
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
Ash and other Law Specialists are ready to help you

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