What to do if I was dismissed a President of my company due to to filing for personl bnkruptcy?

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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 8 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.


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