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Hi I wil try and help
In the first line of your question you say that you sold 50% of your business, does that mean you retain the other 50% regardless of what happens?
Also who much is is owed to you, and why have they refused to pay you the final payment?
was this agreement drafted by a lawyer?
you have to sign a stock transfer form to exchange your shares, did you do that, and if so shy did you do that beore you received all of the payments?
I sold my share so the third party had 50% now they have 100% basically forced me out but that is a long story
I believe they owe me approx. £700
the agreement was not drafted by a lawyer, however it was agreed by both parties before it was signed. it outlines the payment schedule, title of goods and that I would resign my directorship and relinquish my shares once payments in full are complete.
no I did not sign a stock transfer form - this was to be done once I had been paid. I would send this form and relinquish the securities I had against the company van and one piece of equipment.
its seems they logged on to companies house online systems and just removed me - not sure the process but I think you can just delete a director from the companies house website
a director yes, but how have the transferred your shares?
(In fact you probably want to be removed as a director to prevent ongoing liabilities)
not sure to be honest im not that familiar with the process of shares etc
so is it possible they haven't transferred your share? Do you still have the share certificate?
not sure sorry - it was all setup on line at CH just setup two directors with 50% shares each
Ok, fair enough.
Well lets say for the sake of argument you have the shares still in your name, because without your signature on a stock transfer form they cant be transferred (unless they have forged your signature but then we are in a whole different area). You are therefor entitled to a dividend of the profits, to attend AGM, for copies of the accounts etc, etc. This makes you to much a nuisance for them to NOT pay you the £700, You just have to make sure they know this. As to the vehciel this is obviously a good bargaining chip.
As to whether you can declare the contract null and voidn
on balance probably not. There would have to be a specific clause in the contract to this effect. it s more likely a Court would consider you are allowed to sue for the £700 but that the non payment was not "fundamental" enough for the contract to be voided
Does this help?
please ask any follow up questions
I think so
what would I say regarding the shares as im not that familiar as said? what can I force them to do?
You just have to write to them and remind them that the shares are still in your name and that, whilst things are as they are, you expect to receive your share of profits, attend annual meetings and get copies of the accounts. If they want your share they have to pay you the £700
I don't think they are equally familiar with shares etc - if I say I am entitled to dividends etc being a 50% shareholder have I the power to determine the dividend amounts etc?
sorry you must think me dumb but its only a launderette and we were advised to be a limited co.
what form would I have to send to transfer me shares? could the accountant transfer my shares (as I think they got him to do it) or as you said would it need my signature?
the dividend is 50% of the profits. Simple as that. In order to determine that you need to see the accounts (or get them looked at by an accountant). The final issue here (I suspect) is to get the £700 and, anything else you are owed, and walk away, and so what I am giving you are the best arguments possible to persuade them that they should stop messing about and pay you (and no i do not think you are dumb :))
the form used for transferring shares is called a "stock transfer form". You can get them on line, or from your accoutant
could he have transferred my shares at their request?
no, your signature is required
if they have somehow forged my signature they ill presume that's fraud?
Yes, it would be
so in a nutshell write to them - if they don't pay they legally have to pay me a dividend of 50% of profits or I could sue them for the share of any profits if not paid?
perfect thanks Matt for your expert knowledge - ill leave good feedback Jason
you are welcome.If you are happy please click to leave me positve feedback so I can be paid for my time tonight. the questions wont close and you can revisit this later to ask any additional questions if you need to. All the best and good luck with everything
will do thanks