Re: Employee/ directors rights

On 7 Jun, 15:02, CheekyMonkey <c...@xxxxxx> wrote:

My questions:

1 How strongly can we hold out for a 1 year payment of salary?

Depends how much money is in the kitty. You need to get ahold of the
accounts and take professional advice.




We have last years accounts showing big loss but things have moved on
a lot since then; there are assets tied up in the property, which will
not be a part of the sale

2. Should she take the opportunity now to ask for her £10k
shareholding back? Would this be affected by any potential sale/
liquidation?

The shares will only be worth what somebody is willing to pay. 10K for
2% values the business at 1/2 a million. I suspect the company isn't
worth that amount now, so you won't get anywhere near that amount.

>She has a small shareholding bought for £10k which promised
>that she would at least get her money back, in the event that value of
>the company reduced.

Do you have evidence of this 'promise'? I find it *very* unlikely the
other director would place a liability such as that on himself.




We do have a signed undertaking that the company will buy back the
shares at original value





4. Should we pay to get advice from a solicitor?

YES



I suppose what we want to know is

a) part half legal situation; rights, what can and can't be done

b) Consultancy/ advice in how to negotiate an end settlement

c) and the rest accountancy stuff as to how much money is there, how
much the company is really worth, how easy it would be for the chief
exec to get his money out (which is all he is really interested in!),
whether he would really risk liquidating the company as he is teiring
and this is his exit strategy

My reluctance to go straight to a solicitor is that it could be
expensive and they may not be able to answer ALL my questions

If a solicitor charges £200 an hour, how many hours do you think it
might take to come up with constructive advice and how good would that
advice be ~ that is the key question (but difficult to answer!!)


My thanks for your help




.

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