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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22897
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Thanks reply. I want to get out this silly situation and I

Customer Question

Hi, Chris, Thanks for your reply. I want to get out this silly situation and I want to force them to buy my share out. Even I have just entered this partnership 2 months ago. The other two shareholders are really one voice as they are parents and son relationship.
and the son (the main decision maker) is a very arrogant person, dis-respect minor shareholder (me and my husband), and he is ex-lawyer. We felt awaked and wish we have never been fooled from the beginning. How can I achieve: "force them to buy my share out"?
what can I do to have a smooth transition and get our investment back (at least at cost. as market value is greater than the cost). We do have a shareholders agreement. each 1/3 shareholder can appoint a director, so now is 3 directors. and they have the priority
to be offered in accordance with the rights of pre-emption conferred in the constitution. But I doubt them they have the fund to buy us out right now. So what legal channel can we follow to end this matter.
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.

If you cannot reach an agreement on them buying the shares then you will need to go to the High Court and force a purchase. The only real way to do this would be to seek liquidation of the company on the basis that ii is just and equitable to do so, because you no longer want to be a shareholder, and they wont buy you out. This would force them to either have the company liquidated or buy you out. It is a heavy handed tool, and this is why I suggested mediation first. Your shareholders agreement may have a reference to this in any event.

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