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Jenny
Jenny, Solicitor
Category: Law
Satisfied Customers: 6305
Experience:  Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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Madam, I'm a Director of two companies in UK that

Resolved Question:

Dear Sir/Madam, I'm a Director of two companies in UK that is own to 60% by our Swedish Mother company, I have 20% of the shares and my son has 20%.
I have been asked to resign by the main owner and have been offered 3 month of my Notice time as per contract and another month of payment (tax free?). They also want to have my 20% of share for free in this agreement. I feel this completely of the mark and like to ask your on advice on this.
Kind regards,
Thomas Nilsson
Submitted: 1 year ago.
Category: Law
Expert:  Jenny replied 1 year ago.
Hello my name is ***** ***** I am happy to help you today. Are you also an employee of this UK company?
Customer: replied 1 year ago.

Yes, I'm the Sales Manager

Thomas

Expert:  Jenny replied 1 year ago.
how long have you worked there for and what is the reason for the termination?
Customer: replied 1 year ago.

7.5 years and we don't agree about the Marketing plan going forward

Expert:  Jenny replied 1 year ago.
Ok can I just confirm that you are working in the UK at the moment?
Customer: replied 1 year ago.

Yes, since 20 years

Expert:  Jenny replied 1 year ago.
Ok thanks, ***** ***** first thing to note is that in the UK it is unlawful to dismiss a person simply because you disagree about something. Unless you have a fair reason to dismiss then it amounts to unfair dismissal and on the face of it you can bring a claim against the employer in the Employment Tribunal for unfair dismissal.
If they are asking you to accept a sum in settlement to avoid this kind of claim then you can negotiate a higher sum of money and potentially the right to retain the shares.
What happens to shares when employment is terminated can be governed by the terms of your contract of employment. It is worth looking at the contract of employment to see what this says about the right to retain the shares.
You also need to be sure to resign your directorship if your employment has been terminated as otherwise you could be liable for acts of the company even though you no longer work there.
I would suggest you make an appointment to see an employment law solicitor. Many offer free initial advice. They will be able to assist you to negotiate a good settlement offer and potentially the retention of the shareholding.
If you have any further questions please do ask. If I have answered your question I would be grateful if you would take the time to rate my answer. Thank you and all the best.
Jenny, Solicitor
Category: Law
Satisfied Customers: 6305
Experience: Qualified Solicitor specialising in Employment Law and general legal matters. Please start your question For Jenny Only
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