Director's Rights in Sale of a Company

Nashshab | 15:55 Mon 10th May 2010 | Business

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With the assistance of the company secretary, the managing director (sole shareholder) has sold the company of which I am the only other director - completely without my knowledge and no consultation or board meetings etc. How has this been possible? Is it legal? Informed comments are invited.

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minuteman

Yes he can, as you have no interest in the ownership of the company and with a 100% shareholding the MD could have removed you as a director before selling. You would be eligible,however, for compensation for loss of office from the company. If you have a service contract this would set out your contractual rights,or failing that you would have to rely on employment legislation.
Suggest you take legal advice

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