Buying out the other director

[Magic]

Ownership

Get the kit out of there now, you do not want some of the other people who are owed money wanting to seize it. Ownership is 9/10 th's of the law is so true here.

Trying to get it back is a totally different matter.

[conned tractor]

UPDATE - if anyone's interested. Please feel free to neg rep and I will stop the updates.

Had email comms to accountant, said pay him a token £x, failing that have company struck off (he will not allow this easily though) and reform a new company, even one with the same name, straight after.

Had a sit down meeting with a solicitor who basically laughed at the value he's put on a company worth nothing and suggested that the quickest resolution was for the other director to get legal assistance. He believes as soon as this happens the other directors legal representation will tell them to stop being a tw@t as they're are due nothing. Not worried about any part of it.

It's put my mind at rest, which is a hugely important part - I will let the dust settle, and pick up Plan B in it's current form or another form in the near future.

I feel like i'm being a bit of a cu*t as I was quite happy to pay him a fair value for the sh!te work he's done (a half finished business plan, some meetings with the graphic designer and web dev, attended some courses and presentations on business, produced a P&L sheet (well copied someone elses), filled in a HMRC form, attended a few manufacturing sessions but he makes the tea and sweeps up as he's pretty impractical, got one customer, apparantly built up a network of potential customers, created a bit of product description text, commisioned a video for the product to go on the website bearing in mind I have been asking for months for him to do an outline of the website and the text to go in it) and walk away but he tried shafting me to the tune of 10K and now he gets nothing....too soft in business, eh. It looks like he's shot himself in the foot. (I will have to pay for a few solicitors letters by the looks of it).

Thanks all for your advice.

[cojak]

No don't stop! I'm agog!

It's fascinating and someone could learn from this.

[conned tractor]

No don't stop! I'm agog!

It's fascinating and someone could learn from this.

Yep, don't go into business with a mate. Lesson learned here. I hope it does help someone else.

[Magic]

How to deal with it

Situations like this are quite stressful so I feel for you.

Keep posting because I want to know if the OP comes to his senses and accepts the token amount of money.

In life people like this never register with their brain cells what they are or have done. They carry on just being the dim, ungrateful, tw@ts they always were and still believing they were right.

[conned tractor]

Situations like this are quite stressful so I feel for you.

Keep posting because I want to know if the OP comes to his senses and accepts the token amount of money.

In life people like this never register with their brain cells what they are or have done. They carry on just being the dim, ungrateful, tw@ts they always were and still believing they were right.

OP = Original poster?

Or

OP = Other partner?

[Sysman]

No don't stop! I'm agog!

It's fascinating and someone could learn from this.

WCS. Someone else could find this useful.

Much of it could apply to a business partner who isn't a mate.

[Magic]

OP = Original poster?

Or

OP = Other partner?

Other partner

[conned tractor]

Other partner

I thought so. Thanks for your advice and support and yes it does certainly add to the stress levels slightly.

I have decided to take the hit with the solicitors bill to sort it out to distance it from myself.

I will probably never hear from the ex-mate now. Stupid people taking stupid advice, playing hardball trying to take me for no less than 10K or threatening to not let me close company down.

[conned tractor]

One thought that did cross my mind was if he turned nasty afterwards.....I don't think he would but it's still in the back of my mind and I fear for the safety of my wife and kids.