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Jamie-Law, Solicitor
Category: UK Law
Satisfied Customers: 5008
Experience:  Solicitor
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Jo, I'm a director 50/50 in a company and my parnter had

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Hi Jo,
I'm a director 50/50 in a company and my parnter had been stealing money by way of asking customers to pay monies into to his personal account instead of raising final invoices. I got proof from a customer and confronted him..he denied it a assaulted me.
I contacted the police and they have now arrested him for fraud and GBH however i have been of work for 9 x weeks suffering with depression and he is still going into work. what should i do, am i entitled to take wages. I really want to part company with him now what power do i have.

I'm sorry but I'm a criminal hack.

I don't know anything about corporate law.

I will opt out.

Hello my name is ***** ***** I will help you.

Is it a Ltd company?

Customer: replied 4 months ago.

do you have a director or shareholder agreement?

Customer: replied 4 months ago.
No, no agreement.

Are they also a Director/Shareholder?

Customer: replied 4 months ago.

Do you know the value of the business?

Customer: replied 4 months ago.
No, but our turnover is around £800,000.00 per year.
Customer: replied 4 months ago.
i went to see another accountant and he told me to resign but our accounts told me not to and said as I haven't been there & taken no monies I wouldn't be liable from after i left in a receivers eyes..
Customer: replied 4 months ago.
would it be better if we spoke over the phone?

We can speak over the phone, but might I invite you to accept the additional service.

Does the company have assets?

Customer: replied 4 months ago.
but only the reverse moulds that we have made over the last 10 x years these are worth more to us than anyone else, vans. no the moment I have agreed a bit-out via our accountant but i don't trust them. below is what i will get, if it happens?
no dept
Half of the companies moulds
copy of the website to use as my ownThe police told me I can freeze the business account. should i do this? will it speed-up any buy-out? or is this a bad move?

You can remove as Director and take his name of the accounts.

But he will always remain a shareholder unless you remove or buy him out.

You need to see what it says in any Company documents. If it says he can be removed for fraud of theft from the company then you are fine.

If it does not then you have an issue - there is nothing in writing which he has agreed to which says he can be removed.

As Director its not an issue because its fraud. But on the basis he has been a shareholder then you cant just take his shares away.
There is nothing in writing which says you can.

You cant also just remove him.

So the company would need to be valued until an agreement can be reached.

But remove him as signatory, thats fine.
Can I clarify anything for you about this today please?

Customer: replied 4 months ago.
Thanks, ***** *****'s me who's being bought-out, i believe the company to be insolvent. Should i freeze the business acccount?

Yes if you think its insolvent.

You have a legal duty to.
Does that clarify?

Customer: replied 4 months ago.
thank you...

All the best. If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. It is also an important part of the online process. Thank you in advance and good luck!

Jamie-Law, Solicitor
Category: UK Law
Satisfied Customers: 5008
Experience: Solicitor
Jamie-Law and 3 other UK Law Specialists are ready to help you