How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jamie-Law Your Own Question
Jamie-Law
Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 3980
Experience:  Solicitor
96104960
Type Your Law Question Here...
Jamie-Law is online now

Selling my company shares, the company want to take out the

Resolved Question:

selling my company shares, the company want to take out the bonus being paid to the managing director out of the proceeds of the sale. Can they do this?
Submitted: 10 months ago.
Category: Law
Expert:  Jamie-Law replied 10 months ago.

hello my name is ***** ***** I will help you with this.

For now please let me know whether you have a shareholder ageeement?

Customer: replied 10 months ago.
i have a shareholders agreement
Expert:  Jamie-Law replied 10 months ago.

Does it say that the MD or anyone else would be entitled to a bonus out of the proceeds?
If not, then they can not. I have to say it would be most unusual, I have never heard of this before.

Therefore in short, unless the agreement says this can be done, then they are prohibited from doing so

Can I clarify anything for you about this today please?

Jamie-Law and other Law Specialists are ready to help you