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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11549
Experience:  30 years as a practising solicitor.
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Company bought in 2007 with £12000 owed to me from previous

Resolved Question:

Company bought in 2007 with £12000 owed to me from previous owner plus £24000 paid over 2 years.1 share transferred to me.2 other directors appointed beside me but 1 left soon after-now the remaining one says at a meeting in 2007(no minutes) it was agreed they would be issued with a share so company shareholding 1/3;1/3;1/3.I do not recall this and still only 1 share in my name.Has other remaining director got entitlement to be issued with a share so a 50/50 company.
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
Is there any evidence at all of this agreement apart from the say so of the other director. If he has not put up any cash, I think it's very unlikely that he would be believed. If there is no other evidence, then there is no agreement and therefore no entitlement.
Happy to discuss.
Please leave a positive response so that I am credited for my time.
Customer: replied 2 years ago.

The only other evidence would be the say so of the third original director who only stayed for 3 monthsi-there is nothing in writing.Also to clarify the £24000 balance was paid out of the company bank account over 2 years.

Expert:  JGM replied 2 years ago.
Thanks for your response. An agreement to gift shares to another party would normally be In writing at least in minute form. The director concerns has no legal entitlement in my opinion.
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