share-majority holder and sole director threatens to remove assets

[SunnySpring]

So I have 40% shares in a company - the other guy has 60% and is sole director. We are in disagreement about a company issue. Suddenly he threatens "I will transfer the perpetual rights [to various assets the company owns] to a company you have no shares in". Surely he can't do that?
What options do I have to protect my rights, without having to spent a lot of money on lawyers?

 

[Mr D]

What rights do you think you have as a shareholder?

Perhaps focus on his responsibilities as a director instead. He isn't all powerful.

 

[Newchodge]

If he does this you can sue him, on behalf of the company, for acting in a way that is detrimental to the company of which he is director.

 

[Blaby Loyal]

If he does this you can sue him, on behalf of the company, for acting in a way that is detrimental to the company of which he is director.

Whilst this is certainly an option (if not the only option) be prepared (and aware) to pay between £5,000 and £10,000 in legal fees and for it to take up to a year to be concluded with no guaranteed outcome in your favour.

Have a look at derivative actions.

 

[Lisa Thomas]

Is the Company solvent?