Employee to Director

[SinghB]

Hi Everyone,

I am very new to this forum.

I joined in a company in 2017 as employee and then bought 50% share of the company and became a company director in Feb 2020. I have sold my 50% share in April 2021. New owners have asked me to do some handovers until now. Suddenly, the new owners saying that I need to give 1 month notice period if i want to leave based on my employment contract that singed in 2017 as employee.

my question is "can new owners use my existing employment agreement now after sold my company?" They are saying that employee contract is still valid.

Please help. Many Thanks in Advance.

B. Singh

[ULA]

When you became a company director and 50% shareholder in the business were your terms not changed to one more appropriate such as a service agreement rather than remain on your employee contract.

What was the arrangement with the individual/s who purchased your shares about you remaining in the business in some sort of capacity or exiting from the business after a period of time?