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Directors dispute when ownership is 50/50

  • 13-06-2011 4:02pm
    #1
    meglome
    Registered Users, Registered Users 2 Posts: 7,980 ✭✭✭


    Was talking with a friend of mine and we were discussing what happens if the relationship between the only two directors of a company has broken down. I'm guessing my friend is in this situation but I didn't want to ask too many questions.

    So what if one wants to buy the other out, can one of them be forced out in some way? Can a third party be brought in to legally mediate? I assumed there is detailed company law on these kind of problems but I have never seen it.

    Where might I find out?


Comments

  • #2
    bath handle
    Banned (with Prison Access) Posts: 370 ✭✭bath handle


    There are remedies available to shareholders in these situations. S205 and s213 of the companies act would generally be availed of.


  • #3
    meglome
    Registered Users, Registered Users 2 Posts: 7,980 ✭✭✭meglome


    bath handle wrote: »
    There are remedies available to shareholders in these situations. S205 and s213 of the companies act would generally be availed of.

    Thanks. Will look through the links.

    http://www.irishstatutebook.ie/1963/en/act/pub/0033/sec0205.html
    http://www.irishstatutebook.ie/1963/en/act/pub/0033/sec0213.html

    In the event that one director doesn't go on do they have to sell to someone else or can they wind up the company? So for example if one said they would close up and then open up again directly there after. Would all the assets have to be sold on the open market?


  • #4
    kkelliher
    Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭kkelliher


    mediation is a confidential non binding until the point of agreement process and once the parties agree to mediate it can be the most cost effective and swift dispute resolution process.


  • #5
    meglome
    Registered Users, Registered Users 2 Posts: 7,980 ✭✭✭meglome


    kkelliher wrote: »
    mediation is a confidential non binding until the point of agreement process and once the parties agree to mediate it can be the most cost effective and swift dispute resolution process.

    Thanks.


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