Hello,
A friend of mine and myself have registered a limited company around 4 years ago. We created an app, that didn't particularly succeed. But we believe the idea behind is still worth something. We had a lot of ups and downs due to the many deadlocks we were facing. The 50:50 equity didn't help here at all to break the deadlock.
Two years ago we finally agreed to make the company dormant and have filed for it. We thought we could verify the options for a revival behind the scenes. Another two years in, we finally believe it is best to break up due to disagreements how to proceed. Bad teamwork, jealousy, and powerplay ruin the partnership.
He literally refuses now to collaborate with the team and wants it his way. And effectively he wants it to stop if it doesn't go his way. Ideally, I would like to continue on my own. But now he throws this at me: https://www.pinsentmasons.com/pdf/compsact20060708.pdf
He says we can’t work on another tracking app without splitting/selling/closing our company.
Our company is already dormant though, does the Director’s Duty to Avoid Conflicts of Interest still in place if the company were dormant?
Many Thanks for your advice,
A friend of mine and myself have registered a limited company around 4 years ago. We created an app, that didn't particularly succeed. But we believe the idea behind is still worth something. We had a lot of ups and downs due to the many deadlocks we were facing. The 50:50 equity didn't help here at all to break the deadlock.
Two years ago we finally agreed to make the company dormant and have filed for it. We thought we could verify the options for a revival behind the scenes. Another two years in, we finally believe it is best to break up due to disagreements how to proceed. Bad teamwork, jealousy, and powerplay ruin the partnership.
He literally refuses now to collaborate with the team and wants it his way. And effectively he wants it to stop if it doesn't go his way. Ideally, I would like to continue on my own. But now he throws this at me: https://www.pinsentmasons.com/pdf/compsact20060708.pdf
He says we can’t work on another tracking app without splitting/selling/closing our company.
Our company is already dormant though, does the Director’s Duty to Avoid Conflicts of Interest still in place if the company were dormant?
Many Thanks for your advice,
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