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 Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

One of my two business partners - - is trying to liquidate

Customer Question

One of my two business partners - Harry - is trying to liquidate our business 'The Dining Room Ltd' with out neither the consent or authority of the two other Directors. Harry has a 40% share hold, I own 20% and Kelvin who is also the head chef owns 40%.I believe the business debt currently at around £40-£50k is a manageable debt taking into account we have £300k of weddings & event revenue confirmed over the next 12-18 months, in addition to the average £5-£8k per week restaurant trade.My role since Jan/Feb 2016 has been Events Director, managing the operations, events, restaurant, HR and also driving the sales and revenue. Kelvin has fulfilled the role of head chef, and we have done quite well. Harry was responsible for the finances, he also owns 100% of Llanrhaeadr Springs Ltd who charges the restaurant rent. I believe the financial stability has been intentionally wound down so the non official 'parent' company can then take on the secured business from us.We have had no visibility of accounts, VAT returns or any other official documentation despite persistently requesting these. Unfortunately, our accountant was sourced via Harry!Its a real shame, I hope you can help - Mr Dewi Lewis
Submitted: 18 days ago.
Category: Law
Customer: replied 18 days ago.
Forgot to mention that I have not yet made contact with said person, but I am eager to get something over by 9am if possible. Thank you
Expert:  Jamie-Law replied 18 days ago.

Hello my Name is ***** ***** I will help you.

Do you have any shareholder / director agreement?

Customer: replied 18 days ago.
We do yes, what detail should I be looking for?
Customer: replied 18 days ago.
I can't rate the service?!
Expert:  Jamie-Law replied 18 days ago.

You won’t be able to rate yet, as I haven’t provided an answer.

What does it say about liquidation or dissolution?