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Ed Turner
Ed Turner,
Category: Law
Satisfied Customers: 1910
Experience:  Director and Consultant Solicitor (Self-Employed) at Ed Turner LLB Limited
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I have a business with 3 share holders one of them is me.

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Hi
JA: Hello. How can I help?
Customer: I have a business with 3 share holders one of them is me.
JA: Where are you? It matters because laws vary by location.
Customer: Uk
JA: What steps have you taken so far?
Customer: Rowley Regis Birmingham
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: Not much There is no shareholder agreement
Customer: replied 13 days ago.
3 shareholders
2 want to sale to 3rd party
Have given me first refusal true email correspondence but forcing to buy both shares together even there is 2 shares for sale
Customer: replied 13 days ago.
They are refusing any negotiation and saying will sell 3rd party
Customer: replied 13 days ago.
If I don't pay what they ask and for both shares
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!

Hello.   I am Ed, a Solicitor qualified in England & Wales with over a decade’s experience in the legal profession advising clients.

I specialise in Commercial Contracts, Business Transactions, Employment, Dispute Resolution, Personal Injury and Road Traffic Law and shall be reviewing your legal problem today.

Regarding the site’s automatic offer of a Premium Service Phone Call, I shall be delighted to talk with you by phone to discuss your issue in greater detail if you accept the offer.

However, if you do not want a phone call, please cancel the offer for a Premium Service Phone Call and you will not be charged extra.

I am sorry for the situation that you find yourself in with your co-shareholders.   This is a very common predicament when business partnerships turn sour.

Unless you had in place bespoke Articles of Association and a Shareholders Agreement with Good/Bad Leaver and Tag/Drag Along provisions to force a Resolution for the minority shareholder to compel their shares back to the company, the only way you are going to break the deadlock is by filing for a Court-ordered Compulsory Liquidation that the current situation is contrary to the best interests of the company and a breach of the Companies Act 2006 and it is fair, just and reasonable in all the circumstances that the company be wound up so that you and the other shareholder receive something back from the business for your efforts and investment.

However, if the company has no funds and there are no other creditors, you may wish to apply for a Voluntary Strike-Off from the Companies House Register, or simply fail to file your Annual Return and leave it to the Registrar of Companies to take Compulsory Strike-Off action.

The only caveats I need to warn you about with the Strike-Off action, is that it may damage your business reputation if other prospects see that you were a director/shareholder of a Struck-Off company from your entry on Companies House and if there are any cash and assets in the company, these will go bona vacantia to the Crown and will not be distributed to the shareholders.

I hope this resolves your enquiry.   Please revert to me if you require any clarification of my answer to your question and I shall be delighted to assist.

Kind regards

LawyerEd

Ed Turner,
Category: Law
Satisfied Customers: 1910
Experience: Director and Consultant Solicitor (Self-Employed) at Ed Turner LLB Limited
Ed Turner and 3 other Law Specialists are ready to help you