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Hi thank you for your question and welcome. My name is ***** ***** I will assist you. Is this a limited company? Do you have shares in the company? What do you have your name on? Is it a lease? What other personal liabilities do you have? Kind regards AJ
Hi thank you. So what you have is a partnership. What type of assets do you have your name on? What are you personally liable for? Kind regards AJ
Hi, Thank you. If you do not actually have any shares and are only listed as director, and your name is ***** ***** I would just a write a letter that says you will hand in your resignation upon receipt of the sum of £4k. Your main worry is you do not want any personal liability post exit. Does he actually have £4k to pay you now? Kind regards AJ
Hi, Thank you. Just to clarify do you have any shares in the company? Kind regards AJ
Hi thank you. The best way is to have a letter that says you will transfer the shares to him on completion of the payment of the £4K - over how many instalments will be pay? Kind regards AJ
Hi Thank you. Yes that would be legally binding, but for your own certainty I would only transfer the shares once the final installment is made? Also if he misses an installment he should either pay interest, or the entire sum should become due and payable. Kind regards AH
Hi, Thank you. If he has a lawyer, you should get him to go through the expense of getting the paper work signed up. Say you want the following:
- Interest on late payment;
- Acceleration on payment if he misses an installment;
- Ideally you want me him to be personally liable for the money?
Kind regards AJ
Thank you. The cost would be approximately £500 plus VAT if you used a local solicitor. If you want to try and draft a letter I can review, but I am afraid we cannot draft documents on this site. Kind regards AJ