Originally posted by SueEllen
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Reply to: Locked out
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Originally posted by Taita View PostAll 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.
While on here it mainly does, lots of small businesses are lent money by their directors when they are starting.
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What is your relationship with the other directors if you don't mind me asking? Band of contractors together? Friends?
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Originally posted by thedevey View PostHello 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.
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.
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Originally posted by thedevey View PostHello 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.
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
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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.
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Are you a shareholder? If so, how many shares do you hold from the total?
Is there a formal loan agreement in place?
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Locked out
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.Tags: None
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