Hi, welcome to Just Answer. I will help you with your question.
The answer to your question is "it depends".
Ordinarily, shareholders are investors in the company, and the directors are its managers. However certain percentages of shareholders can direct the directors/the company to do things, including the removal of the director(s) concerned. So, resolutions can be passed by the shareholders requiring certain business decisions etc. to be taken.
What percentage shareholding do you have/have with others that would vote in your favour?
Oh, I see, so it's a deadlock scenario really? Are you a director with a fellow director and equal shareholders?
50% votes one way and 50% votes the other way, right?
Okay - and you set up together on a business venture?
What do you mean by took items?
The usual position, is that you have to end the company and start up again, either by agreement or through a Court petition.
If he has done things which are in breach of his obligations to the company, and/or unlawful, then you might have a claim for what is known as "unfair prejudice" to a shareholder.
This is based on s.994 of the Companies Act 2006. It would mean that you have the right to ask the Court to force him to sell his shares to you, or for him to be ordered to buy your shares (which the the more usual order).
However, under s.994, the Court has absolute discretion to do what it consider most fair.
He may be in breach of his duties, and there are things you can do, but to be honest, they're often very expensive to do.
Are you a director?
If so, could start court proceedings in the company's name against him to return property belonging to it etc.
But, as you're both 50:50 shareholders, truth is, the only way to resolve this long term is to part ways.
Okay, well, I can tell you now, there are things you can do, but the cost is likely to be expensive. It always is with this type of thing, and the best thing to do is to wind the company up now and try to buy the business from the liquidator.
Have a look at this for shareholder dispute information and using s.994 as I mentioned: http://www.ashfords.co.uk/news/shareholders_disputes_guide
Yes, just send him away. The police will say it's a civil matter and prevent a breach of the peace. But, equally, tomorrow (assuming he has the keys!) he could do the same to you.
This is why long term, it has to be managed properly via the Courts if you can't agree. The police will only interfere to prevent disorder.
Yes, all directors have the same powers to run the business, unless you agree otherwise.
Does this answer your question?
You can play him at his own game - but it's a mess unless you go to Court, yes.
This is why people often enter shareholders agreements in 50:50 relationships.
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One more thought ....
You could make a complaint on behalf of the company that things were taken unlawfully from it (i.e. stolen!). The police then could become involved. They might take some serious arm twisting though as they may continue to say it's a civil claim, but in theory, you should be able to make a complaint on behalf of the company - not in your own right.
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