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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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A 50% director wishes to resign from the business and has demanded

Customer Question

A 50% director wishes to resign from the business and has demanded a payout. The company was establish in september this year 2013 and the payout demanded i feel is unfair. All upfront payments or directors investments plus stock bought is in my name as a directors investment as funding and fully shown on the bank statements. The director who is resigning has only introduced experience and part of a record collection that he has valued himself. the companies turnover to date from the 1st of october to date is £4000,00.. todate in order to keep the company viable the minimum wage is being taken and no dividends. The other director is becoming unprofessional and threating and will not give me the address of another storage area where goods have been aquired and paid for by my directors investment. I am trying to secure all company assests as part of my legal obligation as a director, but can not secure any of the other goods as he is witholding the adress as to where they are kept pending settlement. Please woould you advise what measures i should now take please
Submitted: 4 years ago.
Category: Law
Expert:  Alex J. replied 4 years ago.

Thank you for your question and welcome.

My name is AJ and I will assist you.

Do you have a shareholders agreement?

Was his investment a payment for shares or was it a directors loan?

How much does he want to be paid out?

Kind regards