How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Buachaill Your Own Question
Buachaill, Barrister
Category: Law
Satisfied Customers: 14002
Experience:  Barrister 17 years experience
Type Your Law Question Here...
Buachaill is online now

If I own 40% of a company's shares and I am still owed a pay

This answer was rated:

Hi, if I own 40% of a company's shares and I am still owed a pay back, from the entity, for the shares I previously sold, and the company has defaulted, regularly, on those payments, can I petition to wind them up and claim the losses on my tax position.
JA: Where are you? It matters because laws vary by location.
Customer: UK
JA: What steps have you taken so far?
Customer: Nothing....they have not defaulted and we are just completing the share sale documentation and I wanted know my position.
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no thanks Pearl.......
Hello, and thank you for your question. I am your Expert and I will provide the answer you require.

1.  The answer to your question is Yes, if the company owes you money from a share sale, where they are purchasing shares from you, then you can sue upon this debt and petition for the winding up of the company.  Ultimately, if you suffer a loss from the transaction, this would be an allowable loss for capital Gains Tax purposes and can be offset against other gains you might make. So, if the company does not pay you, then you have the remedy of winding up available to you and any losses are allowed against your tax position.

2. If you require any clarification or if there is additional information you wish to share, I will be happy to assist further in the resolution of your Question.

Buachaill and 3 other Law Specialists are ready to help you
Customer: replied 6 days ago.
BrilliantCustomer very much appreciated: Andy

3.  You are welcome. Glad to be of assistance.