50% shareholder in limited co, want out, but other 50% owner wont agree

G

galfromclare

Guest
I'm a 50% shareholder in a private limited company which is quite successful, but now I want out. (lots of reasons).

the other 50% shareholder is refusing to buy me out and she won't let me sell my share to anyone else. I'm stuck!

What can I do?

Can I just take my share of the accumulated profits and sign my share of the company over to her?
I don't want to get solicitors involved.

any help/advice would be appreciated.
 
Last edited by a moderator:
Re: any escape?

A close company is one with two shareholders or fewer. OP, surely your articles of association say something about being able to sell to a third party (with rights of first refusal to the existing shareholder)- no?
 
Re: any escape?

you should get legal advice on this as that seems like the only way that you can get out of this. a good solicitor will point out many areas of company law where you can make it very difficult for the other shareholder to trade without your co-operation. there is another forum on this site fro recommendations on professional advisors and you should be able to get some one there. remember to get a coupleof quotes before you go ahead with anyone.
 
Re: any escape?

viztopia said:
remember to get a coupleof quotes before you go ahead with anyone.
Click to expand...
I dunno if this is the kind of area where you can get a quote. If you want a quote, you need to know up front exactly what you want done. In a case like this, you really wont know what you want until the situation evolves.
 
Re: any escape?

Complainer said:
I dunno if this is the kind of area where you can get a quote. If you want a quote, you need to know up front exactly what you want done. In a case like this, you really wont know what you want until the situation evolves.
Click to expand...

Good point. I'd also say that many solicitors will not have a clue about this area so my advice is to go with whoever comes with a good recommendation.
 
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