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Answered in 1 hour by:
6/9/2013
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,268
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
Verifiedchristhelawyer :
Hi Welcome to JustAnswer. My first response will follow shortly. Please feel free to follow up if anything is not clear
christhelawyer :
The first issue is whether you have a shareholders agreement which covers the relationship as shareholders. If you do not then the next step I would suggest is mediation between you and your brother to try to resolve the differences or at least work out an exit.
christhelawyer :
To remove him as manager you would need to have 75% of the shares to do so against his opposition so this is not possible. The only other alternative is to apply to liquidate the company because you are unable to agree on the future of the business and cannot get on. this would be a drastic step which is why I suggest starting with mediation.
Customer:
Can you kindly explain further what is a shareholder's agreement? What if he doesn't agree to mediation? He can just ignore me, can he? Who can mediate?
christhelawyer : A shareholders agreement is often used with methods of dispute resolution such as mediation and arbitration and rights when there is an impasse. You would know if you had one. He can ignore mediation of course but you then would need to go to court. His refusal to mediate may be used against him when costs are considered however. You would need a professional mediator, and this site will have names you can use, www.aminz.org.nz
Customer:
Thank you for your time and advice. I will visit the website and talk with a mediator.
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 32,268
Experience: 42 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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