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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience:  Solicitors 2 years plus PQE
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Alex,I hope you don't mind my returning to you

Resolved Question:

Hi Alex,I hope you don't mind my returning to you for more advice about the SH buyout on the Ltd company.
Could you confirm that whilst both SH remain in the business as equal SH's neither one can make decisions about the others role?
SH A has now taken SH B off the 'work diary' and stopped direct debit admin wage payments to SH B's wife. I understood while they both have equal rights, neither can do this.Many thanks for your help in advance
Helen
Submitted: 1 year ago.
Category: Law
Expert:  Alex J. replied 1 year ago.
Hi, Thank you for your question and welcome back. I am happy to assist. If you are equal shareholders and both directors, the company is essentially deadlocked, neither shareholder can force the other to do anything. You will however in your capacity as a director have to act in the best interests of the company. Who has control of the banking arrangements?
Customer: replied 1 year ago.
Hi Alex, they both have access to the bank but SH A is stopping payments without consulting SH B
I figured it was incorrect..it also appear SH A is locking SH b out of other online facilities - facebook page etc and the work diary.
Sh B meanwhile has still been doing the jobs he was aware he was booked for.
SH b is now drafting his proposal for SH A to buy him out, but after finding out the actions of SH A is feeling slightly annoyed.Helen
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. ***** still being paid? Is the company still making money?
Customer: replied 1 year ago.
Hi Alex, both SH's are being paid so far as I know. They receive a salary and dividend st month end, so no monies during the month. SH A - who wants to buy out B has left the payment for his wife to receive her admin fee but removed SH B' wifes payment
Expert:  Alex J. replied 1 year ago.
Hi, Thank you. ***** B's wife should continue to invoice the company for the admin fee if she is dong the work so the money accrues, SH B should then add this figure on the what figure is agreed for the sale of the shares.
Customer: replied 1 year ago.
H Alex, that is fabulous thank you. I am correct in thinking that SH A cannot make these decisions - albeit maybe 'small' while SH B is still a SH?
Customer: replied 1 year ago.
Hi Alex, could you confirm this, I will leave you alone after that!!
Helen
Expert:  Alex J. replied 1 year ago.
Hi, Thank you - SH A should not make these decisions unilaterally, but if they are going to take the action any way instead of getting bogged down in an argument just keep a record of the money owed so you can focus on agreeing a clean break. Kind regards AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience: Solicitors 2 years plus PQE
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