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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 10099
Experience:  30 years as a practising solicitor.
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I am a director or a limited company and unfortunately

Customer Question

Hi, I am a director or a limited company and unfortunately am in the process of a break up with my partner/co director of the business. She has left the company and has agreed to remove her name from companies house.Is there anything else, legally, we need to do in order to remove my ex partner from the company? I have had correspondence with Alex J a few months ago on the same subject, and think maybe I need a transfer of shares agreement? I have had the company valued as at the time she left and have agreed a financial agreement with my ex partner. This amounts to £3000.Please could you let me know what forms we need to complete in order for this settlement to be legal and completely remove her name from the company.I am unable to pay the £3000 straight away so do I need to arrange payment terms on paper?Also I have a credit card in my name, which she has put around £8,000 on. She has agreed to pay that all back to me but I would like to have something in writing which guarantees that she will pay it back.Finally there are also personal assets that we have agreed to share 50% of the value once they have been sold. Are there any legal forms that will cement this agreement?Many Thanks for your time. I hope this makes sense?!Kind Regards,
Chris
Submitted: 7 months ago.
Category: Law
Expert:  Nicola-mod replied 7 months ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Expert:  JGM replied 7 months ago.
The important thongs from your point of view are to get her resigned as a director and for the shares to be transferred. You need to follow this link for her resignation: https://www.gov.uk/file-changes-to-a-company-with-companies-house. You also need to download a stock transfer form and complete it so as to get her shares transferred. You can google and print the form. Insofar as her waiting for money/paying money back r credit cards. You would be better to calculate a sum due to or by each party and sign a shareholders agreement to the effect that she will be paid, or alternatively that she will pay the company, at certain specific points in the future. Your solicitor will be able to draw up such an agreement. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.

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