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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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Hi I am a 25 % shareholder in an industrial estate which

Resolved Question:

Hi
I am a 25 % shareholder in an industrial estate which rents out the units. The 50% shareholder is refusing to issue the earnings from the rental income annually as has historically happened. The other 25% shareholder is still receiving the income.
We have given the majority shareholder (who has responsibility to issue the earnings) a letter before action and gave asked that the produce accounts for the past 7 years. It is not a limited company. My 25% share document states - a declaration of trust.
There are 2 bank accounts a current account and a holdings account.
Basically, we are financially compromised by not receiving the income (circa £12,000 per annum) and need to source it now prior to the court case proceeding.
Is there anyway if getting hold of the money?
Can we put a charge in the building (owned 3 ways?)
Can we put an attachment of earnings on it?
Can we take a loan out against the property?
Can we put a charge against the outcome of proceedings?
Thanks
S timbrell
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

You can put a charge on bank accounts, property etc once you have a County Court Judgment.

Alex Watts :

You can't generally do this before

Alex Watts :

However you can issue proceedings that he 'deliver up' the accounts and 'account for profits'

Alex Watts :

He should be providing accounts on a regular basis and if not this can be enforced through the Court

Alex Watts :

You would need to complete form N1

Alex Watts :

http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf

Alex Watts :

This needs then be submitted to the County Court

Alex Watts :

Can I clarify anything for you about this today please?

Customer: Is there no other way of getting funds either income entitled to or to get hold of money in lieu of share and investment in the property?
Customer: weve put in £38,000 19 years ago can we claim that out now with interest?
Alex Watts :

Sadly not - if he refuses to pay Court action is the only option

Alex Watts :

And yes you can claim 8% interest.

Alex Watts :

Does that help?

Customer: Oh great - how is the 8% calculated please
Alex Watts :

Simple interest from date due

Customer: Can that be negotiated? Thanks
Alex Watts :

By whom?

Customer: By us to try and raise it
Alex Watts :

Yes of course

Customer: Sorry one other can we claim costs for stress
Alex Watts :

No

Alex Watts :

You can only claim for actual losses

Alex Watts :

Unless of course you have been to the Dr and diagnosed with stress as a result of this

Alex Watts :

But if not then no

Customer: Yes, being investigated for a heart condition due to stress also have a medical condition under the equalities act which has flared up due to stress
Alex Watts :

But how can you prove it was caused by this?

Alex Watts :

It must be directly caused by this and nothing else

Customer: So loss of earnings etc ok
Alex Watts :

If you want to claim you can but then it becomes a much more serious claim and you have to prove the direct link

Alex Watts :

Yes the loss of earnings is easier

Customer: Ok great thanks.
Alex Watts :

Can I clarify anything else for you?

Customer: Any other costs we can claim?
Alex Watts :

Save for court fees and legal fees if your claim is £10,000 or more, none

Customer: Ok fret - no ther queries.
Customer: cheers
Customer: Thank you
Alex Watts :

Great. Can I ask you to rate my answer before you go - the button should be at the bottom of the screen

Alex Watts :

If you need more help please click reply

Alex Watts :

Good luck with this.

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