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?
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