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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 4001
Experience:  Solicitors 2 years plus PQE
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A company I am a Director and Shareholder in is split three

Customer Question

HiA company I am a Director and Shareholder in is split three ways. The other two directors have recently decided to resign due to a difference in opinion over the future of the business. I have made an offer to purchase their shares for 20k, which is equal to what they put in, along with 10k from me, for the development costs.They responded accepting but told me they would only accept on the basis that I pay them within 5 days. They have said that if they do not receive it in 5 days they are considering pushing for misappropriation of the development funds by directors.Now, obviously throughout the history of the company (just 4 months) they have both been directors along with me. One of them is directly the finance director but failed to oversee management of the money in any way.Can you let me know where I stand?
Submitted: 9 days ago.
Category: Law
Expert:  oleksandrav-mod replied 8 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Oleksandra-Moderator
Expert:  Alex J. replied 8 days ago.

Thank you for your question and welcome. My name is AJ and I will assist you. Do you have a shareholders agreement? Does the company have the funds to pay the money? Kind regards AJ

 

 

Customer: replied 8 days ago.
Hi - no shareholders agreement just standard company registration and no company doesn’t have the funds - id have to buy them out privately
Expert:  Alex J. replied 8 days ago.

Thank you. Where do the allegations of misappropriation come from? Do they have evidence?

Customer: replied 8 days ago.
On the bank statements it shows a payment going to myself, however this is for completed work that I can demonstrate was done. They have also have had access to these statements throughout. I was in charge of managing the project and have put the work in.
Customer: replied 8 days ago.
hi sorry any thoughts on this
Customer: replied 8 days ago.
hi sorry - was there any response to this?
Expert:  Alex J. replied 4 days ago.

Thank you. My apologies for the delay. So I am clear they are alleging you have taken company - but you have essentially invoiced the company for completed works? Does the company have any assets?