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seanferguson13
seanferguson13, Solicitor
Category: Law
Satisfied Customers: 31
Experience:  3 year qualified solicitor with expertise in UK taxation.
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I set up buissnesswith my brother 24 years later I find I have

Customer Question

I set up buissnesswith my brother 24 years later I find I have no named shares- I was a director and thought that was my proof but he was. Trusted to lead and he was not the director toady I find I don't have a share at all also everything I built I have it on his namw
Submitted: 2 years ago.
Category: Law
Expert:  seanferguson13 replied 2 years ago.
Customer:

Hi

Customer:

Can I ask a few questions:
1. Is the business trading out of a private limited company?
2. If so is it registered in the UK?
3. Do you have any form of agreement as to what you intended to happen when you started out in business with your brother 24 years ago?

JACUSTOMER-62v81h6g- : Yes all the companies are limited private.2 all are in uk in the care industry .3 mother had bought a shop property for children to work together it was on elder brother name I then bought another property and petition elder brother name unfortunately the elder brother was a bus conductor and therefore e
JACUSTOMER-62v81h6g- : I wanted to keep the family united webbed together and kept it in his name unfortunately there was a tax problem they made him bankrupt due to no communication with my brother at the time not being good at English my younger brother paid the bankruptcy admin charges and kept the shop and the large property on his name. Later we lived here and then younger brother made it a care home and we grew it together to many different companies in uk.i took ik a month for 22 years and all p60 will show this when I asked this year I needed to see the share he said I was just a worker.i didn't take a full salary simply because I always had told me invest my remainder when as we grew the business.there were dearby I large home bham 3 large homes amd18 flats converted to 50 flats andleicester 10 in leicester.i even didn't put the house I'm living in put it my name because I trusted him
Customer:

Hi there
This is obviously a very important issue for you and I would strongly advise that you seek one to one legal advice from a solicitor. It is worth making a few points however:

Customer:

  1. The fact that there is no written record (as far as I can tell) of the agreement in relation to the beneficial holdings of the companies is not helpful to your case, however it is not fatal.

Customer:

2. If it can be shown as a fact that you had contributed the money to those businesses in anticipation of a proportional return then under equity you may be entitled to a remedy.

Customer:

3. Equity is a principle of natural justice which underpins our judicial system. However, it is important that anyone asking the court for an equitable remedy acts properly at all times.

Customer:

4. One remedy that you could seek is that the monies invested have created a "resulting trust" in your favour and in effect the legal owner of the various shares (i.e. your brother) is holding them on trust for your benefit.

Customer:

There are many issues at play here and I would recommend again seeking advice from a solicitor in person.

Customer:

I hope this helps,

Customer:

Sean

Customer:

Hi - do you have any further questions? If not I'd be grateful if you could rate and close the question. Kind regards, Sean

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