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thedevey
10th July 2013, 12:06
Hello People.

I am a director of a company that I put a modest amount of money into [not money I can afford to loose]. Basically I have been locked out of my business by one of the other directors and been struck off as a director with companies house. I have genuinely done nothing wrong and need to try and recoup the money that I paid in as a directors loan. I am not that bothered about the business as I cant really cope with the hassle it brings.

Is there any way to do this does anybody know?

All help much appreciated.

Clare@InTouch
10th July 2013, 12:45
Are you a shareholder? If so, how many shares do you hold from the total?

Is there a formal loan agreement in place?

northernladuk
10th July 2013, 13:00
With so little information and only one side of a story I am not sure how we are supposed to help you.

Get your accountant to get all documentation ready and identify solid proof of this loan and your input (and output) from the company and then engage a solicitor quickly.

EDIT : Why were you struck off? You can search Companies House for Disqualified Directors to see why but I strongly suspect you already know.

You mention one of the other directors? How many are there? They should have had meeting with the board of directors to agree such action surely?

There is so much context and fact missing from your story it is hard to know where to start. I will assume it is just one person being a tit and probably breaking a lot of laws in the process of doing this. Getting something done about it could be expensive though.

Get your financial documentation in order. Get all your company documentation in order and the go see a solicitor. This won't be a simple issue.

Martin at NixonWilliams
10th July 2013, 14:18
Hello People.

I am a director of a company that I put a modest amount of money into [not money I can afford to loose]. Basically I have been locked out of my business by one of the other directors and been struck off as a director with companies house. I have genuinely done nothing wrong and need to try and recoup the money that I paid in as a directors loan. I am not that bothered about the business as I cant really cope with the hassle it brings.

Is there any way to do this does anybody know?

All help much appreciated.

In order to terminate your directorship they must have the voting power, unless of course you are disqualifed which is a different scenario altogether.

I assume the loan was put into writing? You mention that you are owed money but have you haven't stated whether they are refusing to pay the money back, have you asked for it?

Your post is too vague for anybody to give you any useful advice, but it sounds like you may need to take legal action if this has been done in the absence of the legal formalities outlined in the Companies Act.

Martin

Taita
10th July 2013, 16:39
Hello People.

I am a director of a company that I put a modest amount of money into [not money I can afford to loose]. Basically I have been locked out of my business by one of the other directors and been struck off as a director with companies house. I have genuinely done nothing wrong and need to try and recoup the money that I paid in as a directors loan. I am not that bothered about the business as I cant really cope with the hassle it brings.

Is there any way to do this does anybody know?

All help much appreciated.

All else you say aside, you need to recover money you put in as a director's loan? 'Director's loan' usually refers to money borrowed from a company.

Why did you lend the company money? Against what contract or security? Those are your primary routes to recovery of your dosh and if they don't exist you are probably sitting in a mess.

northernladuk
10th July 2013, 16:53
What is your relationship with the other directors if you don't mind me asking? Band of contractors together? Friends?

SueEllen
10th July 2013, 21:05
All else you say aside, you need to recover money you put in as a director's loan? 'Director's loan' usually refers to money borrowed from a company.

No it doesn't.

While on here it mainly does, lots of small businesses are lent money by their directors when they are starting.

Taita
12th July 2013, 17:15
No it doesn't.

While on here it mainly does, lots of small businesses are lent money by their directors when they are starting.

I was merely trying to get further and better particulars!