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Senior Partner
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13325
Experience:  Solicitor with more than 30 years experience
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Please can you tell me whether I am able to request from the

Customer Question

Please can you tell me whether I am able to request from the managing director details of bank statements credit card and overdraft facilities, I am a shareholder and investor and have concerns that the company may go into liquidation like a recent company that I was also an investor in,the company secretary has said that I AM NOT ENTITLED to any information other then what I receive at the end of year accounts, this of course I feel is not an accurate account of things. I do also believe that so many things are being dealt with underhanded and this will for me show up on statements that I believe the managing director is taking loans back as a preference to paying creditors.
Submitted: 2 years ago.
Category: Law
Expert:  Nicola-mod replied 2 years ago.
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Expert:  Senior Partner replied 2 years ago.
Hi thank you for your question. You do not say what percentage of the share you hold or if there is a shareholders or investors agreement. Shareholders who are not also directors have extremely limited rights. In the absence of a shareholders agreement , you are not entitled to financial information there than the annual report and accounts. shareholders consent is required for a limited range of things but the shareholders principle remedy is to remove the directors if they are unhappy about they way the company is run. If the directors control the majority of the shares then the only remedy is to petition the court too take action to prevent the company being run to the detriment of the other shareholders.
Senior Partner, Solicitor
Category: Law
Satisfied Customers: 13325
Experience: Solicitor with more than 30 years experience
Senior Partner and other Law Specialists are ready to help you
Customer: replied 2 years ago.

myself MR Gould and the company secretary ALL OWN EQUAL SHARES . no shareholders agreement, but I AM THE ONE WHO HAS INVESTED MONEY INTO THE COMPANY WHEN THIS FIRST STARTED AND CONTINUED THROUGHOUT THE COMPANY OWES ME AT PRESENT OVER 4000.00 AND I AM NOT LIKELY TO GET THIS BACK OWING TO THE ISSUE WITHIN THIS COMPANY DEBTS ARE MOUNTING AND NEITHER THE COMPANY SECRETARY OR MR GOULD ARE CONCERNED THIS HAS O LICENCES ISSUED BY THE TRAFIC COMMISSIONER AND AT PRESENT THE FUNDING TO CONTINUE WITH THESE IS NOT AVAILABLE WHEN I STOOD DOWN AS MANAGING DIRECTOR THE OVERDRAFT LIMIT AND CREDIT CARD WAS WITHDRAWN, IS THERE ANY OTHER METHOD I AM ABLE TO USE TO PROTECT MY MONEY

Expert:  Senior Partner replied 2 years ago.
Hi , if you have lent money and there are no fixed terms, you can make a formal demand for repayment and threaten to wind up the company if they do not cooperate. Otherwise there is not much you can do if you are a minority shareholder other than petition the court. It does not sound worth doing this if you have an unsecured debt. If the company has no money and there are no assets there is nothing to recover from. Did you give me the correct figure? Is the amount invested £4,000.00 or did you mean £400,000. Sadly if the amount is £4,000 then the costs of action would be too great to make action worth while.
Have the other directors given any guarantees of the debt.? If you have no guarantees or other security you are left trying to recover in a liquidation.