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JGM
JGM, Solicitor
Category: Property Law
Satisfied Customers: 11695
Experience:  30 years experience in property law.
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I am involved in a business with my two brothers and father

Resolved Question:

I am involved in a business with my two brothers and father .It is a limited company and we all have 25% shares in this company .We are farmers and we own some land which has been approved for building .There is an offer of 1.2 million pounds on the table and we have had it valued three times for 850000,900000,and 950000.My younger brother insists it is worth more without any reason or evidence that it is and although my father and other brother want to sign on this deal on the table my younger brother consistently and without justification refuses to sign it.This has been going on for over three weeks now and the builder is getting twitchy and more withdraw the offer .What are our options?Can we sign the sale document without him?
Submitted: 1 year ago.
Category: Property Law
Expert:  JGM replied 1 year ago.

As you are a limited company, the Articles of Association will provide what is needed for the company to take a decision but it is likely that a majority will rule. I assume the company owns the land and not the individuals. That being the case you can convene a formal meeting and pass a resolution to sell the land by majority vote. So check your Articles and follow the correct company law procedures and you should be OK. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.

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