• Welcome to the LegalBeagles Consumer and Legal Forum.
    Please Register to get the most out of the forum. Registration is free and only needs a username and email address.
    Please do not post your full name, reference numbers or any identifiable details on the forum.

Business sold without major shareholders knowledge ?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Business sold without major shareholders knowledge ?

    Odd this one .... The mother in law has been a majore shareholder and director of a ltd Company for several years despite her age of 88 , this is also odd as she has no understanding of the business and this has seemed to be set up by the son . The son has recently passed away so leaving the mum in sole control . We as a family has spoken to the sons wife advising that she will be resigning as director as the family feels this has been done as coercion and shouldnt take responsibilty for a company that offers all the risk but no benefits . We got the mum in law to resign as director using the correct form downloaded from companies house .
    We now learn that the wife of the son was to be the new director, but advises that she has sold the business to one of the employees and companies house shows the new person as being the new director, we have challenged this as a family and the story changes yet again, but still the new director shows at companies house . Whilst we are aware the mum in law is still responsible to the company for another six months what is the legal situation in this case as we have learnt the transfer of directorship was undertaken verbally and no contract exists and was not aware of the transfer ? From my understanding the mum in law could veto this or challenge the new directorship as it would seem she is the majority shareholder ie 75% or more ..... but to be honest just would like to see this company and its responsibilities out of the family once and for all ...... any suggestions and what is the legal standing on this please ...kind regards
    Tags: None

View our Terms and Conditions

LegalBeagles Group uses cookies to enhance your browsing experience and to create a secure and effective website. By using this website, you are consenting to such use.To find out more and learn how to manage cookies please read our Cookie and Privacy Policy.

If you would like to opt in, or out, of receiving news and marketing from LegalBeagles Group Ltd you can amend your settings at any time here.

If you would like to cancel your registration please Contact Us. We will delete your user details on request, however, any previously posted user content will remain on the site with your username removed and 'Guest' inserted.