If director resigns in a 50/50 parntership can the other force insolvancy


M

Mick Miller

I have had dispute with my partner director. who want to leave the
business but want to be bought out or she will try and get the
parntership to go in to insolvancy ......ie shes trying lack of trust

i made here offers all rejected and made i t perfectly clear i was
willing to continue the business.

but after a good like at the business desided to resign as a director
and leave the business to her (i still have my shares)

a day later i found out she has a patition at the court to try and get
the partnership insolvant.

but i left the day before .....and she is now the sole director.

any thoughts on where this will go.........
 
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D

Dave

I have had dispute with my partner director. who want to leave the
business but want to be bought out or she will try and get the
parntership to go in to insolvancy ......ie shes trying lack of trust

i made here offers all rejected and made i t perfectly clear i was
willing to continue the business.

but after a good like at the business desided to resign as a director
and leave the business to her (i still have my shares)

a day later i found out she has a patition at the court to try and get
the partnership insolvant.

but i left the day before .....and she is now the sole director.

any thoughts on where this will go.........
I'd guess if she's already been down to the court she's either a bit
more streetwise than yourself or has already been advised by someone.

It's you that should go..... try a solicitor, good luck :)
 
M

Mike Lewis

I have had dispute with my partner director. who want to leave the

You talk about partners and directors. What is this business, a partnership
or a ltd company.
 
M

Mick Miller

You talk about partners and directors. What is this business, a partnership
or a ltd company.
its a ltd .......... and she is now the remaining director
 
M

Mike Lewis

a day later i found out she has a patition at the court to try and get
the partnership insolvant.
It seems a strange thing for a director to do. All she has to do is have a
board meeting and resolve that the company is insolvent and cease trading.

If the petition is granted then a liquidator will have to be appointed. The
liquidator will want to know how he is going to be paid, either out of cash
in the company or from a guarantee. Nobody can be forced to do a guarantee
so if she wants to appoint one then she will have to do it.

My guess is the liquidator will hoover all the cash up and then it will all
drag out.

I really don't see the point in her doing this, only the liquidator will
win.
 
M

Mick Miller

It seems a strange thing for a director to do. All she has to do is have a
board meeting and resolve that the company is insolvent and cease trading.

If the petition is granted then a liquidator will have to be appointed. The
liquidator will want to know how he is going to be paid, either out of cash
in the company or from a guarantee. Nobody can be forced to do a guarantee
so if she wants to appoint one then she will have to do it.

My guess is the liquidator will hoover all the cash up and then it will all
drag out.

I really don't see the point in her doing this, only the liquidator will
win.
exactly......allshe is interested is making sure the company does not
survive.
 
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M

Mick Miller

Why not just walk away then ?
have done.......advised by companies house to fill in a 288b

as the other director wont sign .........had to sign my self to exit
next day
 

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