Two Directors In Dispute

[bapak]

Not me I am happy to say but someone close to me has this problem...

Company has 3 shareholders: 49% / 49% / 2%... The 2% a totally impartial bystander - will not take sides.

The 2 x 49% are both directors.

One of the directors has has taken cheque book, company seal, etc., and assuming management of the company.

What legal resourse does the other director have?

[bangkockney]

Neither has total control as no one has a majority share. Should the 2% side with one or other, that would make the difference.

I assume only one signature is required on the cheque books, so best to seek legal advice ASAP. That's if the account hasn't been emptied/transferred elsewhere already.

Edited July 30, 2010 by bangkockney

[liveinlos]

The issue is whose name is the company in at the Bank? Only that person or persons will have access to the money. The other director can have a new stamp made no problem. The big issue is who ever is authorized at the bank has the power of accessing ALL the money and this is very dangerous.

[chainarong]

I guess U are referring to a business in Thailand ,where's the Thai partner, that might give some hint as to who is what.

Edited July 31, 2010 by chainarong

[bapak]

Both are Thai.