How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask UKSolicitorJA Your Own Question
UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
62162956
Type Your Law Question Here...
UKSolicitorJA is online now

This relates to a UK private company. My wife is both a shareholder

Resolved Question:

This relates to a UK private company. My wife is both a shareholder and, along with two other siblings, also a director of a family owned private company. For sake of clarity all the shares are owned by siblings. The business is renting out farmland and some buildings. The value of the farmland, the only real asset of the company, is significant.
Some of the siblings want to sell the farm land and then take money out of the company via a special dividend or by dissolving the company. Others want to take some money out and the business to continue and some want to essentially carry on as at present.
They have decided to hold an informal family meeting (there are seven of them) but I am concerned about my wife's position and her participation (and that of her sibling directors) in such a meeting. As a director does she (do they) have to take any special measures about such a meeting? Can she attend and discuss options for the business? Would it be required to have the Company Secretary (not a shareholder but the step-mother of some participants and mother of two) to attend?
To date, the role of director has been very informal.
Submitted: 2 years ago.
Category: Law
Expert:  UKSolicitorJA replied 2 years ago.
Hello,
As this is proposed to be an informal family meeting, there are no formalities as such and anyone may be present as invited and anything may be discussed to do with the company or any other matters.
So ,no special measures have to be taken for the meeting and the company secretary may attend as well as this is an informal family meeting and not a formal board or shareholders meeting.
Perhaps the shareholders who wish to exit may have their shareholding bought out by the shareholders who wish to continue.
May I help further?
UKSolicitorJA and 2 other Law Specialists are ready to help you

Related Law Questions