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Minority shares in private LTD company. How safe?

Re: Minority shares in private LTD company. How safe?

Postby JeffMurdock » Wed Sep 03, 2014 5:56 pm

How about the questions "Am I obliged to comply? Can I be held liable for their solicitor's costs in any way if I don't"...?

I'm away for a few days early next week and will be short on time. For all they know I could be out of the country...
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Re: Minority shares in private LTD company. How safe?

Postby dls » Wed Sep 03, 2014 6:45 pm

Do not play with this. Shareholder agreements can be 80 pages long with provisions designed after many years experience of game playing. They differ hugely.

We cannot guess what your says.
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Re: Minority shares in private LTD company. How safe?

Postby atticus » Wed Sep 03, 2014 6:57 pm

sometimes small savings in legal fees lead to much more costly outcomes.
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Re: Minority shares in private LTD company. How safe?

Postby JeffMurdock » Thu Sep 04, 2014 6:05 am

Seriously though - the solicitor's letter says I must respond within 1 week. As I said before, I am away for a few days and this is going to be very difficult - especially if I want to engage legal representation.

So the questions still stand:
Am I obliged to comply? with their 1 week "deadline"?
Can I be held liable for their solicitor's costs in any way if I don't?


Thanks.
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Re: Minority shares in private LTD company. How safe?

Postby atticus » Thu Sep 04, 2014 7:09 am

So you respond now, to acknowledge the letter saying that you are about to go on holiday but will reply after you return on [date].
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Re: Minority shares in private LTD company. How safe?

Postby atticus » Thu Sep 04, 2014 7:11 am

Frankly, it is not possible to answer the substantive questions without sight of documents including the shareholders agreement. Those documents will show what (if anything) you have agreed to do.

You have been given names of law firms in your area.
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Re: Minority shares in private LTD company. How safe?

Postby JeffMurdock » Thu Sep 04, 2014 8:30 am

Thanks Atticus/DLS.

There's nothing in the shareholders agreement about how quickly I should respond to any letters. I don't think one week is reasonable time for me to engage legal assistance, but I don't know, maybe that's "the norm"...
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Re: Minority shares in private LTD company. How safe?

Postby atticus » Thu Sep 04, 2014 8:35 am

But there may be things in the shareholders agreement about how quickly you should do things if certain events occur.
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