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Thank you for your question and welcome. My name is ***** ***** I will assist you. I am a company law expert. What you have described is potentially fraudulent and there are ways to hold him to account. Does the company have any assets? Has the company actually declared any dividends recently?
Thank you. I will review this and revert to you shortly. Kind regards AJ
Hi, Thank you. If a director puts a company into liquidator they may be investigated and banned from being a company director, but this does not stop people being shareholder in a company or potentially opening one abroad. The company can be a uk limited company with a US breach, but there would have to be a compelling reason for this as it would be expensive and involve paying US tax and having US employees etc. I will review the rest of the information you have provided and revert to you by tomorrow morning at the latest. Kind regards AJ
Hi, Thank you. Do you have a certificate to prove you own shares in the company?
Hi, Thank you. Yes he would need an employee otherwise there would be no one to run the branch. Kind regards AJ
Hi, Thank you. I have reviewed this. Practically what do you want to achieve? Do you just want to be paid out for your shares? Kind regards AJ
Thank you. Do you have an exact figure, if he puts the company into liquidation having deliberately driven it insolvent, you would potentially have a claim against him personally. Does he have any assets or money?
Hi, Thank you. I think a starting point has to be that you need to write to him personally and to the company and make demand for all the money you are. You need this on record - if they company goes into liquidation you need to be able to prove a claim against it. Secondly can find out where the company bank accounts and who the company accountant is?
Thank you. Work out exactly how much you are owed - and send that demand to the company - if you can it would be better if it came from a solicitor as it will give it the added gravitas that you have been advised and known your rights - also if he thinks you have proper advice he may think twice about misappropriating company funds.
I would then write to bank and accountant and ask for the account information. Explain you own 50% of the shares and the company is in dispute.
If the company does not pay up what it owes you, the next step would be to consider suing it - if you are a creditor in its eventual liquidation, you can use this status to potentially ask a liquidator to sue him personally for money he has taken out the company.
Hi, Thank - you can have a solvent and insolvent liquidation. The dissolution procedure is different, it is not a liquidation but has the same - the company cannot have traded in the last three months or have any debts to go through dissolution.
If the company goes into insolvent liquidation, then potentially a liquidator could look back at the last 6 years.
What you have described sounds like he owes the money to you personally - so even if the company goes insolvent you could still sue him personally for the money - especially if you have evidence. Kind regards AJ