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Hello, Prior to November 2011 I was sole director of a limited

Resolved Question:

Hello,

Prior to November 2011 I was sole director of a limited company that was part of a franchise. In November 2011, after a meeting with the franchisor, we decided to combine forces, with the franchisor becoming the major share holder and director of the company I had been sole director of, and consequently I became a minority share holder. No monies or director's agreements were set up. The only paperwork that was signed and completed was paperwork concerning the re-allocation of company shares.

At the end of October 2012, after feeling more and more bullied, I resigned from the company. (I completed a form TM01 and sent it to companies house). when I resigned I also took some of the equipment that had been purchased and fully paid for prior to the November 2011. (i.e. before I had relinquished control of the company).

I am now being told I need to return all of this equipment. Where do I stand? I h puadrchased and paid for this equipment before anyone else had got involved, and as originally stated, when other parties did get involved no formal agreements, or asset lists were drawn up and/or signed.

I currently still have my share holding in the company.
Submitted: 2 years ago.
Category: Business Law
Expert:  WiseOwl58 replied 2 years ago.
Technically the equipment is the property of the company so unless the company sold it to you it should stay with the company.

You would of course have a pro rata ownership based upon your stock holdings but that would not entitled you to have possession of any of the equipment.



.

Perhaps you can get the majority shareholder to buy you out for cash.

Good luck to you I wish you all the best

WiseOwl58, Attorney
Category: Business Law
Satisfied Customers: 2841
Experience: Experienced business lawyer.
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