B10 form question

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Spidey

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A friend I know in business 50/50 partner in a limited company. Company not doing well and other director tricked him to leave. It turns out that my friend did not sign the form b10 correctly and cro sent back. He also never done a share transfer. Afraid to go back to job as feels bullied. Told him to get legal advice, but appears to me he would still be a director and definately a shareholder. I told him to ask to be bought out or look to wind up company. He also as stressed when left did not remove
himsel from bank overdraft gurantee.
Also he never got paid... He went to doctor and he says stressed out and to seek legal any comments back please
 
What are you asking for? Its almost impossible to comment on the detail you have given-its also hard to follow. Some questions:

Did your friend get the legal advice?
What was it?
Could he afford to take this to court?
Would they be able for the stress of that?
What would they seek to gain from such an action?
 
Why would he sign the B10, for his resignation?

[broken link removed]

"Form B10 must be signed by a current officer of the company; it cannot be signed by an officer who has resigned......"


If he is to notify the CRO of his resignation, he should file a B69.


This is a very complex area and your friend would be best advised to think about what he wants and then to go to a solicitor to see about making that happen, if the share transfer was never signed dismissing him without his consent would be very tricky as the courts seem to always love defending oppressed shareholders rights (per recent CPD's anyway).

As with the previous poster, I don't actually have a clue what you are asking, perhaps you could reword the questions.

















www.jwr.ie
 
Hi, sorry was trying to keep it short. Company is getting summons from creditors for not paying on time. Company is at limit on overdraft,.is behind on vat as well. Director asked other director to put company into examinership. He refused and told him to resign.
He under pressure did as bullied to do so. Also other director gave him B10 form to sign but he signed it incorrectly. Friend done all this without legal advice, have told him to go
Company is profitable but cash flow insolvent, as friend was told by other director to go and he would accept all. Friend got no salary,.can not sign for benefit. Other director now blaming him for all. I told him to go back to work as he is responsible to company and if B10 form not filled correctly and director looking for resign letter to be updated he may still be a director. Friend never wanted to leave as worked there for 7years but under stress felt he had to go....
So his personal gurantee is still in place with company, he still could be held responisble if company folds, if other director could be making everything out to be his fault.I do think that with shareholding he still needs to either give sell or act in the best interest of himself and company. He now is over the stress and ses he was tricked to leave, but at same time I can not see company surviving unless banks and revenue.sypport, and if he not there he will be held responsible for not staying to help save. So does this help in any way
 
Spidey said:
Hi, sorry was trying to keep it short.
Click to expand...

What you are looking for is advice on a complex area-if its long-thats because its complex! It would be better to have your posts longer and clearer!
Looks to me that putting the company into examinership may be the best course. In your own words, its insolvent, with cash flow problems-so examinership would give it time to restructure things. Thats what its for.
 
Other director will not go down the examinership road. He does not answer calls or mails from friend. Told him to get legal advice as it is complex. However I do think.he should have been paid end of month and allowed to keep car as other.director said he could keep to xmas in writing....

This happened on a thursday friend knew company need to go into examinership and went home stressed and crying,.monday on mail other director said no and told him to leave. Told suppliers he had left, changed locks on office and canceled his bank cards....
Got director to sign a resign letter,.and gave him a leter.to ket him go promising redudancy etc,. Friend was stressed and signed. This only happened last 3 weeks he still out stressed, told him to pick himself up and sort.

He is bitter on not getting paid, also been blamed now for everything as not in office. I told him he was tricked and that a 50/50 director can not fire him so no redudancy entitlements as selfemployed... Might be wrong ?
Understands that not getting paid was probably as no funds,.but was told you left entitled to nothing. So as you see it will get nasty,.all he is looking for is some advice......
 
Your friend needs to see a solicitor who specialises in company law.

This is far too complex an issue to answer on a forum like this.


Examinership is very expensive, so might not be the best option.


How did the other director cancel all the bank cards, your friend needs to cancel the letter of guarantee with the bank, there may be a notice period, but if the bank actually cancelled the cards as opposed to the other director reporting them as stolen, then your friend might have an out there.
 
Told that he has to sign b10 as leaving company as secetary or director and has to update letter of resignation to go with B10. So perhaps a better question is can he resind his resignation letter,.as he now wants to go back and work to turn company around, Also he.still shareholder even if not worth anything he still has 50% share.... Any advice.
B10 sent back by cro as incorrect, and other director looking for him to update letter to new date,. Would ut make original null and void....
 
I might get him to contact you directly as I see you are an acountant and if he needs help that was as company accountant not getting involved in director disputed
 
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