Hi Thank you for your question and welcome. My name is ***** ***** I will assist you. I am a company law expert.
(i) You are not obliged to personally pay this money from the company. If anything you should not pay this if it is not in the best interests of the company;
(ii) Unless they are directors, they are not acting in conflict of interest. Wearing their hats as shareholders they are entitled to act in their personal interests, but that does not mean they can strip the company of its assets. If they appoint themselves as directors then is a risk of conflict.
I am happy to answer any further questions you have? Is the business currently profitable? Does it have any assets? Did the £29k get paid for the shares not as a loan? If so are the share listed with a premium of £29k in the company accounts?
Kind regards AJ
Hi Thank you. I am just reviewing it now. Kind regards AJ
Thank you. My apologies for the delay I am working on a response to all your questions, I will respond to you by tomorrow morning at the latest. Kind regards AJ
Hi, Thank you. I have the following response:
- There is no obligation on you or the company to buy back their shares. If the company were to buy back their shares this would be a formal procedure known as a share buy back our of capital. You cannot agree to this without going through this procedure as you could be personal liable as a director.
-What I recommend is that you write back to them and say that you are no involving yourself in personal matters not related to the company. This is not in the best interests of the company. If they have an issue they want to discuss about the company they can do it at a shareholding meeting;
- In relation to the monies that are taken, in theory this is a misappropriation of money. The company could sue him for the return. Why dont you contact the back and ask them to block the payment?
Going forward can you actually work with these people? How would you want this resolved? Would you just want the company for yourself, if so does it have any assets?
Kind regards AJ