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Hello my name is ***** ***** I will help you with this.
can you please let me know whether you have a shareholders agreement or anything?
Yes. Determining that each shareholder has to be offered shares first which has happened. Arguments over value. So dissenting shareholder now saying he will sell his part of THE HOUSE??
Ok - but the Limited company owns the house?
Or the individuals?
The limited company
In that case the shareholder can't do anything. He does not own the property, the company does. The company and only the company can sell the property.
Therefore the individual can't sell the property and indeed has to follow the written agreement.
I would suggest getting a number of independent valuations of the company and then agree the price.
If that can't be done and he take steps to sell then you can seek a Court order to stop
But no, if the Company owns the property then he can not sell the house, only the company can
Can I clarify anything for you about this today please?
We have provided a valid accountancy verified valuation for his shares but he refuses to return the favour and it is groundhog day with this his latest threat.
Ok, well he can not do anything if the Company owns the asset. He has no standing at all
Thank you so much. It was what we thought but the law can be a tricky area!
Indeed. Can I clarify anything for you at all?
Only other thing if we go back to the shares as he doesn't like the valuation but won't come back with a negotiating start apart from placing a very high price on shares he says he will offer them to his daughter?
He can't because the contract is quite clear, be offered to shareholders first.
However if he does offer them to you first and you reject he can sell them to his daughter. The contract only says you have first shout.
That seems to answer all our worries - thanks.
Can I help with anything else today?
Just seen the second bit of your last answer - does his placing his own price without any written validation and we do not pay at his price does this mean he can offer or does he have to complete negotiating. Does he have to put valuation in writing to be valid?
That depends. If there is nothing in the contract that causes a problem. Again unless the contract says a valuation needs to be in writing it does not have to be. It should because that way you can verify it and make sure its from someone professional rather than just made up
He would though surely have to give us full details of valuer even though verbal?
Yes because you would need to do due diligence