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My wife's business partner and the company IT person have…

My wife's business partner...

My wife's business partner and the company IT person have blocked my wife's access to their company assets. In conjunction to this action they have requested that my wife contact them regarding the sales of her share of the company.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

My wife is 50% share holder and documented as a director and president of the company (within the minute book). This feels like a shake down to me...

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Answered in 5 minutes by:
3/27/2018
Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 103,905
Experience: Lawyer
Verified

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

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Customer reply replied 25 days ago
Alberta

I am sorry to hear this.

Why would the IT person take instructions from one owner as against the other?

What does the shareholder agreement say about the sale of shares, winding up etc? Is there a shot gun clause?

Does the agreement provide for a dispute mechanism?

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Customer reply replied 25 days ago
Good question?
I believe the IT person views the other partner Pat as the head of operations. My wife wife and I have left messages for the IT person (Aref) to no avail.As far as my knows there are no buy provisions within the minute book we will confirm that today...The people in question are sisters, in good faith I don't believe that a dispute mechanism is in place again we will confirm that.
Customer reply replied 25 days ago
wow; sorry about the poor quality of the last text...
Customer reply replied 25 days ago
That should read; as far as my wife knows there is no buy-out provision in the minute book.

It's not the minute book but shareholder agreement that would have all of this.

Is there a shareholder agreement?

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Customer reply replied 25 days ago
I do not know of one. Maybe means...No...
Customer reply replied 25 days ago
I will ask my wife to confirm this....

OK

So she doesn't have to check the minute books.

The problem is that because these are sisters in business no thought was given to the possibility that something may go wrong between them. A shareholder agreement would be beneficial right now.

But if there isn't one then they are stuck working things out possibly with the help of a mediator or a couple of lawyers or proceeding to court.

If your wife wants to be bought out then the first step is for their to be a business valuator who will work out what the shares are worth.

If she doesn't she doesn't have to sell her shares and she can try and buy the sister's shares if the sister is willing to sell.

But if not then your spouse should be retaining a lawyer at this point unless she feels that the sister will agree to mediation and your spouse feels OK doing that without a lawyer.

But her sister most assuredly has no right at all to do what she has done and that goes without saying.

Does that help?

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 103,905
Experience: Lawyer
Verified
Debra and 87 other Canada Law Specialists are ready to help you
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Customer reply replied 25 days ago
can I post back to you...and yes you have been very helpful

Yes of course.

This post will not lock and you can come back with follow-up questions at any time.

For a new question you can start a new post and then say that this question is for Debra in the body of the question.

Thanks and take good care.

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Customer reply replied 24 days ago
Hi DebraWell there is no share holders agreement.I will add that Pat is stating, publicly, that my wife has stolen from her. This statement is made following an invoice my wife made to Team Wise Ventures for 21,000 (management fees, and the first income received from the company since its inception, Pat is eligible for the same amount).Is this not liable, do we have any recourse?

It is slander if it is a verbal statement and libel if written. It is a clear case of defamation.

If you want to discuss defamation please start a new post.

Thanks

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Customer reply replied 17 days ago
Debra can you recommend a lawyer in the Calgary area...Yourself perhaps?

I cannot act for you but you can contact the Law Society and use their Lawyer Referral Service. You will be given the name of a lawyer and can consult with the lawyer and the first half hour will be free.

The number is:

1-***-***-****

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