What to do if I was dismissed a President of my company due to to filing for personl bnkruptcy?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if I was dismissed a President of my company due to to filing for personl bnkruptcy?
I have taken care of my family trucking business since I was 16; 28 years ago I was given the controlling voting stock for our company and have been President since then. About 3 months ago, I had to take a personal bankruptcy; I had decided to give up 50% of my salary/compensation in order to help the company (it had been struggling since the downturn). I felt that I should use those funds to protect our company. However, once I filed my other 3 siblings called a board meeting and dismissed me as President since my stock was held by the trustee. They then gave me a letter to sign which had a non-compete clause and if I did not sign I would be dismissed, and subsequently was dismissed after 43 years.
Asked on February 1, 2013 under Business Law, Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
You need to consult with a business attorney over the unfortunate situation that you are in and provide him or her of all bylaws of the corporation that you were in including any amendments to see if your dismissal was properly done or not as well as to see what legal recourse you may have.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.