Hi,
Last year, my father who was the only company director passed away. My brother and I became the directors of the company, but have been unable to transfer the shares that belonged to our father.
The commercial lease requires that a change in membership of the company requires landlord consent. The landlord is aware we are company directors. With the assistance of a lawyer, we asked for consent from the landlord to transfer the shares and he said he would not consent unless we agreed to some additional terms in the lease.
We are not comfortable with these terms as they require us to be liable for repairs and maintenance of things we don't believe we should be responsible for. Our lawyer agreed this was unreasonable. Now we are in limbo as the landlord stalls the lawyer which effectively incurs more fees that we can no longer afford.
The advice we received was negotiate or do nothing (this is not an option as shares in a deceased person's name can surely only stay there so long, it limits our options tax wise,we can't change banks as they won't open one with a dead shareholder etc).
Please help!
Last year, my father who was the only company director passed away. My brother and I became the directors of the company, but have been unable to transfer the shares that belonged to our father.
The commercial lease requires that a change in membership of the company requires landlord consent. The landlord is aware we are company directors. With the assistance of a lawyer, we asked for consent from the landlord to transfer the shares and he said he would not consent unless we agreed to some additional terms in the lease.
We are not comfortable with these terms as they require us to be liable for repairs and maintenance of things we don't believe we should be responsible for. Our lawyer agreed this was unreasonable. Now we are in limbo as the landlord stalls the lawyer which effectively incurs more fees that we can no longer afford.
The advice we received was negotiate or do nothing (this is not an option as shares in a deceased person's name can surely only stay there so long, it limits our options tax wise,we can't change banks as they won't open one with a dead shareholder etc).
Please help!