Rights of Shareholders of Private Ltd Companies

[SamP]

My sister and I own 50% or a private ltd company my late father originally set up in 1998 with a soon after ex girlfriend. The company own 11.5 acres of land that a house sits on and the freehold of this property. The house is owned by the ex and her family. The ex is company director and has ran up a company directors loan of 21k and also debt of 9k that has ? been spent on the up keep of the land. She has not produced receipts. We suspect that she is trying to devalue the company so that we will walk away. What rights do I have in this situation and how can I force her to make the land make a profit or sell the land for development?

 

[MandaC]

Re: Rights of Share Holders of Private Ltd Companies

When you say your sister and yourself own 50%, is that 50% each, ie the whole company, or 50% between you and someone else has the other 50%.

Regarding rights on shares, are there only 1 class of share?

Rights of shares are outlined in the Articles of Association of the Company.

 

[MOB]

I don't understand the comment that the company owns land ' that a house sits on and the freehold of this property' but that the ex and her family somehow own the house.

Sounds like a mess.

Your remedy here is to seek a liquidation of the company. Get a solicitor and get on with it - 10 years ( or thereabouts) is quite long enough to be faffing about. Time may be a factor - so don't delay in getting proper legal advice

 

[jack2009]

What is the position with the directors of the company ie how many are there and whos "side" are they on?