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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I'm about to be dismissed (so will probably resign) from a

Resolved Question:

I'm about to be dismissed (so will probably resign) from a company I'm a director and shareholder of. I know my shares will be subject to compulsory purchase. How do I ensure a fair valuation? And where do I stand in terms of money I still have in the company like expenses that haven't been paid yet? Hope someone can advise.
Submitted: 11 months ago.
Category: Law
Expert:  Ash replied 11 months ago.
Hello my name is ***** ***** I will help you.
For now please let me know whether there are company accounts?
Alex
Customer: replied 11 months ago.
Yes but as I'm suspended I don't have access to anything other than what's already lodged at Companies House. I don't tend to see the monthly accounts
Expert:  Ash replied 11 months ago.
You can ask for an accountant to value the company. Then your share is based on that valuation. You don't have to accept any lower valuation unless you have another formula set out in any directors agreement. A fair valuation and that is what the company and your share is worth.
As for outstanding payment you are entitled to these still if they are owing.
Can I clairfy anything for you about this today please?
Alex
Customer: replied 11 months ago.
Yes please, do we need to agree on the accountant valuing the company or the method of valuation? The reason I'm asking is if it's the company's regular accountant the valuation of the company will be artificially low (I know from experience as I saw a similar situation with another of the boss's companies previously, he made sure the former shareholder ended up with a pitiful price)
Expert:  Ash replied 11 months ago.
You can jointly appoint an independent accountant who can provide a fair market valuation.
Does that help?
Alex
Customer: replied 11 months ago.
Yes thanks
Expert:  Ash replied 11 months ago.
Good luck
Alex
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Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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