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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have resigned from a small company as director -3 of us

Resolved Question:

I have resigned from a small company as director -3 of us each have a share - we have no debt or loans but have 70k in the bank and assets of 90k - I joined last august an my expertise and knowledge has got us to this position with the bank and assets - I resigned last week by sending letter of resignation to each director and secretary - am I entitled to any monies or assets ? I suggested 10k and 2 ambulances and I would not pursue them for any more - I left because one director was being very evasive with the banking and how much he was paying himself and as I wasn't on the bank account I had concerned which we're put to one director 2 months ago but still no change and I'm still not a signatories on the bank
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 :

Do you have a Directors agreement please?

Customer:

no agreement

Customer:

all we did was give each other one ordinary share

Customer:

also i was the regulated cqc manager for this ambulance company and apart from one directors evasiveness with the bank account they were not complying with regulations which i stated in the resignation letter.

Alex Watts :

You won't be entitled to the money. You will always remain a shareholder.

Alex Watts :

You dont stop being a shareholder just because you have resigned.

Alex Watts :

Therefore whilst you can't say you want 1/3rd of the money in the account or assets you are still entitled to dividends etc.

Alex Watts :

They can't not pay dividends etc.

Alex Watts :

You are also free to sell your share of the Company to whoever you want

Alex Watts :

But you are entitled to the annual dividend and to vote etc.

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

so if i ask them for money for my share that will be down to the other directors, but if and when they have share dividends i am entitled to the same dividend ? if the company is making money it perhaos maybe in their inerest to buy my share off me ? i will ask them that tommorow mark

Alex Watts :

Correct

Alex Watts :

Does that help?

Customer:

immensely and thank you very much alex

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