Other director has cleaned us out

[Clare123]

My husband has a ltd comp, himself a director and bus partner both 50%. the partner invested around £20k this was not put in as directors loans. he has had funds from the bus/ services and taken goods goods. 4 years later we have found out he hadnt completed our vat returns and because of this we have an outstanding bill of £13k to be paid. We worked hard to get funds in to sort this but as a result things turned sour. We got an email with him resigning mon morn saying we owed him £73k god knows where from my husband works there full time and has only taken £10k per year while build the bus, hes offered no breakdown mins after this we have discovered he cleaned out the bus bank acc of £20k and taken all goods from our warehouse totalling £33k when sold to cust worth £53k. We have no stock no money and left with a vat bill of 13.5k. Police dont believe its theft, what do we do?

 

[g]

'What do you do?'

Immediately get legal advice.

As part of this, gather and preserve relevant records/etcetera.

And the info at https://www.gov.uk/government/publi...insolvent/options-when-a-company-is-insolvent may soon become appropriate.

Depending upon shareholder/director agreements, and the specific nature of the actions of the other party, this will likely remain a civil rather than criminal matter and hence not of Police interest.

Whether those actions are contrary to 'the duty of the director to act in the best interest of the company' is a separate issue, and unlikely to be of immediate/any benefit to you.

 

[Clare123]

Thank you for the reply, we have an appoint with sols this week and have seen accountant already

 

[Newchodge]

You may find @The Resolver helpful.