Shareholders bought property but director keeping proceeds!Make Text Bigger
Many years ago I, and a group of other shareholders, bought a holiday cottage and unlike a timeshare we each owned a piece of the company assets/building and contents. I essentially set up the company and remained as a director until 2010 when my ex-wife decided to take the lead role (I had somewhat lost interest, but still remained a shareholder).
25 years on, we all agreed to sell and now it’s time to divide up the money. My ex-wife is giving me some hassle about getting my share of the money, but moreover it seems she has come to separate ‘arrangements’ with the other shareholders (particularly those that were unable to attend the final AGM in person where cheques were handed out to those in attendance).
The more digging I do, it appears she has spun the other shareholders a line about 20% having to be held back for tax for 90 days and though this time has now passed, has told them that paying for professional help for the recovery of that 20% would not be cost effective as it would only amount to a couple hundred pounds per shareholder even if they are successful.
It seems most have accepted this and are content to have received the lion’s share of their money and have happily gone into the sunset.
What concerns me is that my ex-wife -the director- is going to keep for herself the ‘change’ that’s left over, including some unclaimed share proceeds (there’s a chap with shares totaling around £20k who we believe has died/is very old and/or is uncontactable).
I have attempted a MCOL against her as an individual (as she is the sole director and the only person in true control of the company/accounts), because I believe the company has acted properly but rather she as the individual is making these decisions personally for her own gain. It was summarily dismissed in Court by her solicitor on the grounds I should make my claim against the company.
Anyway, my question is:
Is there a way, apart from me claiming from the company the value of my shares through the Small Claims Court, to expose all of the accounts of the company? This would show to a Judge that monies have not been correctly and properly divided and the director looks set to walk away with anything ‘left in the pot’!
I had to quote the Companies Act to her solicitor just to force them to cough up the meeting minutes I’m entitled to as a shareholder.
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.