Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Is the business a limited company? Kind regards AJ
Hi, Thank you. Do you have a shareholders agreement? Going forward can you continue working with this person? Is the money owed listed as a debt to the company in the company accounts?
Hi, Thank you. I will write an answer detailing your options. Can you confirm first, is the company solvent? Do you want to carry on the business?
Hi, Thank you. Does the company actually have any assets that you want or need? Are the company creditors unpaid? Kind regards AJ
Hi, Thank you. Your options are:
- He buys you out or you buy him out - you get an independent valuer to agree a valuation and that is the price you agree to pay;
- You agree the business cannot continue you trading and you put it into liquidation;
- You apply to court to have the company liquidated on the basis that it is a failed partnership;
- You carry on in business with him, but get him to sign up to a repayment plan and record his debt formally in the company accounts;
- You leave the business and go and work else where?
For any of these options you need to start a dialogue with him, would he reasonable agree to repay any of the money by forgoing his right to dividends for example?
Thank you. You are not obliged to accept his offer you can counter offer or reject it. Is this a response to you demand the money back? Is the £75k for his shares?
Hi thank you. Yes you could go after to him for the money he has taken but there are two ways you can do this:
1. You would need to sue him in the name of the company: 2.you would have to apply to court to have the company liquidated on the basis that this is actually a partnership that needs to be dissolved. Either way the business relationship will come to and end and both ways will cost money. Is negotiating with him a non starter? Kind regards AJ
Hi thank you very much. I will ask the site administrators to send you the link again. If I can assist any further please do not hesitate to contact me. Kind regards AJ