| T O P I C R E V I E W |
| Jimbo |
Posted - 15 Aug 2011 : 16:09:43
Now come on all of you legal experts; can you give some advice on this situation. Two people ; nothing to do with me, equally own a 50% share in a cabin cruiser which has a value of about £2500. Can one of the parties wishing to either sell his share or opt out of the agreement do so without notifying the other?. The problem has arisen because the one party will not consider either buying up the others persons share or selling their share. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Steve T |
Posted - 18 Aug 2011 : 18:55:58
Hi Jimbo
Yes, always tricky, but a three month deadline does focus the mind! I would add that an independent valuation will help both parties, but how you agree to share the cost of the survey and valuation report may also add to the hassle! Good luck. |
| Jimbo |
Posted - 16 Aug 2011 : 08:29:15
Thank yop Steve T for your reply. As I understand it from your reply since Guy A will neither sell his share to Guy B, or buy Guy's B share then Guy B should make a deadline of say 3 months for this to happen. If after 3 months then Guy B can sell his share to whoever he likes. It is all ways a problem when situations like this develope. |
| Steve T |
Posted - 15 Aug 2011 : 21:28:09
In the absence of any pre-agreement, any shares must be offered to the remaining shareholder(s) first. These would usually be offered for a fixed amount of time (say three months) after which the shares can be offered freely to a third party.
If you want to buy an existing shareholder out of a partnership, the other party MUST agree. If they won't sell, that is their right, and your only option is to ask to be bought out yourself, giving them the same three months to do so.
You could make a conditional offer - "buy me out within three months or sell your shares to me at the end of this period".
Always try mutual agreement, always make offers in writing. If all else fails, engage a solicitor.  |
| Jimbo |
Posted - 15 Aug 2011 : 18:55:54
Hi Deano. The two guys are friends only and bought this boat as a wreck and have refurbished it over some 5-6 years. For the last two years, due to poor health of one guy, all maintenance has been carried by the other guy or his friends. All expenses have been honoured and shared evenly, but the situation is geting fraught. The guy with poor health still believes that one day he will make a miraculous recovery , which is very unlikely. The other guy wishes to own outright a boat of his own; whether it is this one or another, but having invested considerable time and money into this one is not keen to just walk away. |
| Deano |
Posted - 15 Aug 2011 : 17:18:14
Awkward!!!
I would have thought that before entering into a situation like that you would have a written agreement as to how the arrangements can be terminated.
I guess this is a 'gentleman's' agreement and no official paperwork exists, in which case it is going to get very difficult or expensive. I assume that the 'partners' are not married or anything like that?
Dean - Boating on the Great Ouse.
Freeman 30 "Silver Gem"
See the photos http://www.flickr.com/photos/54758027@N00/ |
