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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?
do you have a director or shareholder agreement?
Are they also a Director/Shareholder?
Do you know the value of the business?
We can speak over the phone, but might I invite you to accept the additional service.
Does the company have assets?
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?
Yes if you think its insolvent.
You have a legal duty to.Does that clarify?
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