How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ben Jones Your Own Question
Ben Jones
Ben Jones, UK Lawyer
Category: UK Law
Satisfied Customers: 9034
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
29905560
Type Your UK Law Question Here...
Ben Jones is online now
A new question is answered every 9 seconds

Ben I have another question. If all else fails and I decide

Customer Question

Hi Ben I have another question. If all else fails and I decide to close the company. 1 how would I do this? 2 do i need my business partners agreement? 3 how long does that usually take? 4 am i at any risk of being sued for doing that? Agin we are a ltd
company with 2 directors, and 50% each. We have no shareholder agreement in place. Many Thanks
Submitted: 1 year ago.
Category: UK Law
Expert:  Ben Jones replied 1 year ago.

Hi, I will pass this on to my colleague who is better placed to answer this - he should reply soon. No need for you to respond in the meantime, thank you

Expert:  Alex J. replied 1 year ago.

Hi, Thank you for your question. My name is ***** ***** I am a company law expert. My colleague has asked me to assist you. You cannot close the company with out the other partners consent - at 50/50 the company is deadlocked. You can remove yourself from the company and any future liability but I first need to understand a bit about the company -is it insolvent? have you personally guaranteed its debts at all? Kind regards AJ

Customer: replied 1 year ago.
Hi there.
It is not insolvent and there are no debts?
It is turning a profit.
So there is no way of simply closing it down?
Customer: replied 1 year ago.
I have not guarenteed any debts.
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. You would have to go to court and say seek an order that the company be liquidated on the grounds that you and your friend were in a partnership that has no broken up. Otherwise you would need your partners consent. Does the company have many debts?

Customer: replied 1 year ago.
It has no debts.
Expert:  Alex J. replied 1 year ago.

Hi, Thank you. Your only option is to get your partner to buy you out, or apply to court on the basis that this is a partnership that has broken down. If the company is not at risk of insolvency then you should remain as a director until you have agreed an extent, this is to ensure you have full visibility of the company financial affairs.

Related UK Law Questions