UK Bankruptcy Law
UK Bankruptcy Law Questions Answered by Verified Experts
Welcome! My name is***** give me a few minutes to analyze and/or research your inquiry and I will be back.
Normally, the company would hire a lawyer and sue this officer for breach of fiduciary duty and or conversion/embezzlement of company funds. In your case you have what is known as a "deadlock" situation because it appears that each of you owns 50%. So, even before getting started, you would have a dispute as to whether the company should hire an attorney for this purpose.
You can either agree to buy out his shares or he can buy out yours. Or, one or more of the parties may alternatively apply to the court for the company to be wound up on just and equitable grounds.
Please Note: (1) Just Answer’s site disclaimers apply to all levels of service; (2) Most follow-up questions are answered with in the hour; however, if I am not signed on, please allow up to 24 hours; and (3) If we are done, please assign a feedback rating so Just Answer will compensate me for your question. Thank you for using Just Answer.