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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I recently retired from my job as a engineer at a small

Customer Question

I recently retired from my job as a engineer at a small engineering company. I was also a director of the company and owned 25% of the business. (There were three other directors also with 25% each). We have yet to finalise the latest accounts, so I dont have a true figure of how much my shares are worth, but I estimate my share will be approx £90000. Also I have around £70000 in the company as a directors loan, making a total of around £160000.
Although the company is doing quite well there is not enough cash to pay me my share, and at the moment I am drawing down on my directors loan at a rate of £1750.00 per month.
I have just found out that a new director has joined the company and I have been removed as a director, and therefore I no longer have a say in the running of the business. Is this legal? and how can I safeguard my money. Or is there a way to force them to pay me the money that I am owed? (maybe by them borrowing from the bank?)
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.

Hello my name is ***** ***** I will help you.

Do you have a Directors agreement?
Was this passed by Resolution?
Alex

Ash and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Expert:  Ash replied 1 year ago.

Calling now. Alex

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