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The company has value based on the asset of a building that they own however the shares are only of value if this building is sold for more than the current liabilities that are secured on it. We have said we would rather give the shares back to the shareholders for nothing than have to meet the shortfalls that may be incurred should the building be sold. The remaining shareholders have already agreed to this.
All he as said he does not know of it being done before.
Thank you for the information it is great however, you seem to have misunderstood me with regard to the company and the share's. It is a limited company that was co-founded by my sisters husband and on his death these then transferred to her and are now a part of her estate. with this in mind, does you advice remain the same?