Can You Be Fined For Emptying A Swimming...
Civil2 mins ago
I have a Limited Company with two Directors including myself. I am also company secretary. I am in dispute with my fellow director who has been taking funds out of the business account which he is able to do, however, I am upseton moral grounds and wish to dissolve the business.
Am I right in thinking that I cannot resign without a board meeting and his written agreement?
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For more on marking an answer as the "Best Answer", please visit our FAQ.Companies Law comes into this, I think, and you might need to talk to a solicitor if you can't be certain any other way. You could try asking Companies House - they should at least be able to tell you what they require in order to update their record of directors, company secretary etc.
Common sense would indicate that no-one (and no body - such as the board meeting) could prevent you resigning, but I'm not sure of the legalities.
Dissolving the business is another matter. Are the shares owned 50:50 between you and the other director? If so, I don't know how you will resolve the issue if the other director does not agree to dissolution. If they are not owned 50:50 then I think any decision on dissolution will depend on the view of the majority shareholder, but this would have to be properly decided at a board meeting. If you resign as a director you will probably have much more difficulty influencing a dissolution decision than if you remain.
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