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Jamie-Law, Solicitor
Category: Law
Satisfied Customers: 5563
Experience:  Solicitor
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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: 1 year ago.
Category: Law
Expert:  Jamie-Law replied 1 year 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 1 year ago.
i have a shareholders agreement
Expert:  Jamie-Law replied 1 year 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?

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