I thought you might ask about the articles of the company. I have had a look through and can't make anything out that seems relevant to your question. Bearing in mind this company was formed in the 1940's and the articles date back that far then they are very old! I did see a condition that there must be a minimum of 2 and no more than 5 directors which with only me, we no longer adhere too, but then i know the law has changed with small companies anyway. Hope this information is useful but perhaps as such you are unable to give me an informed decision?
Yes the articles do refer to Companies Act 1985. Te original Articles being that of The Companies Act 1948.The reference to the 1985 Act mentions "44 The company may purchase it's own shares"?
Thanks. The shares were due to be left to me and the Will I hold in which I was the executor says as such. Since my Grandmother's death though, my Aunt (my Grandmother's daughter) refused access to the house and any papers in order to administer the estate. She claims to be the executor which she has provided evidence of to the probate registry (I took out a Subpoena) in the form of two codicils, one of which the probate registry confirmed but as I am no longer the executor they would not allow me to see the other and it's contents. My Aunt has been incredibly difficult to deal with and that is why I now have gone with a Citation. She has shown absolutely no interest in the business whatsoever but I live in fear that the other codicil passes the shares to her. If that were the case obviously I would challenge and as you point out she would do exactly what you say with regard to the increase in remuneration. I just hope it doesn't come to that. There is no question of my salary putting the company's finances at risk. Actually it's based on the profit anyway and considering I've been here 15 years, have a wife and 2 children to take care of despite the situation with the business, I do not think my actions could be deemed irresponsible.
Hi< Thank you for your patience my apologies for the delay. Have you applied to the probate registry to obtain a copy of the will? What exactly does the company do? Kind regards AJ