Why the client needed our help
Our client was an engineer who suspected that his fellow business owner was conducting competing business, separately drawing excessive sums, introducing associated parties as employees and redirecting business to his other businesses, including those overseas. Our client wanted to mitigate the loss being suffered and sought to either exit the business or buy out his co-owner. He was concerned that his business interest – or the value of it – was significantly at risk, particularly in light of technical patented developments that he was personally supervising and which would hare any fate the business suffered.
How we helped
Relations were very difficult and substantial correspondence was exchanged without any improvement, with the co-owner refusing to accept any wrong doing and continuing his actions. Accordingly, we issued unfair prejudice proceedings which included detailed evidence on accounting matters – as is often necessary with business disputes where the finance director may have been hiding drawings within other ledgers in the accounts. Eventually, the matter proceeded to trial.
The outcome
Fortunately, this matter was settled before trial: following mediated attempts to persuade the parties to settle, they reached a settlement agreement which provided for the company to fund a buy-out, a resolution which satisfied both sides.
Francis Wilks & Jones were responsive, available at all times to deal with any of my queries and very reassuring. I would definitely recommend them to deal with proceedings brought on behalf of shareholders – they understood our practical needs.
A shareholder we helped bring unfair prejudice proceedings against a fellow shareholder who had been interfering with the management of the company and damaging its value
