23 February 2023
A liquidated company holds shares in a bank. Dividends were drawn six years ago. For unknown reasons the one who enjoyed the dividend was denied access. The rightful shareholders of the liquidated company have come to know about it recently. When They detected that a considerable volume of shares lies with accrued dividends. The Official liquidators have settled all other dues leaving the shareholders with nothing. The company is dissolved. The shareholders have found this undisclosed stock and have approached the recovery agencies. Sympathizing with them I seek your guidance as how this issue could be resolved., They have been the shareholders right from the age of 6. the company being a family owned one.
09 July 2024
Resolving the issue of undisclosed shares with accrued dividends held by a liquidated company involves several steps and considerations. Here’s a structured approach to help resolve this situation:
### 1. **Gather Documentation and Evidence:** - **Shareholder Proof:** Gather all documents proving the rightful ownership of shares in the liquidated company. This includes share certificates, purchase agreements, or any other relevant documents. - **Dividend Receipts:** If dividends were drawn six years ago but were denied to the rightful shareholders, gather any evidence or documentation related to these dividends being distributed.
### 2. **Consult with Recovery Agencies or Legal Advisors:** - Engage with recovery agencies or legal advisors who specialize in such cases. They can assist in navigating the legal complexities and approaching the official liquidators or relevant authorities.
### 3. **Review Liquidation Process:** - Understand the details of the liquidation process of the company. Review the final liquidation report and any disclosures made by the official liquidators. - Check if there were any errors or omissions in the liquidation process that led to the shares and dividends not being properly accounted for or distributed.
### 4. **Approach Official Liquidators:** - Contact the official liquidators who handled the liquidation of the company. Present your case with all supporting documentation. - Seek clarification on why the shares with accrued dividends were not disclosed or distributed during the liquidation process.
### 5. **Legal Remedies:** - If necessary, consider legal remedies such as filing a complaint or legal action against the official liquidators or any parties responsible for the oversight. - Explore options for restitution or compensation for the undisclosed shares and dividends.
### **Seek Compensation or Recovery:** - Pursue avenues for recovering the value of the shares and accrued dividends. This may involve negotiations with recovery agencies or legal action depending on the circumstances.
### **Family-Owned Company Considerations:** - Given that the company was family-owned, emphasize the familial ties and the longstanding ownership of shares by the family members. - Highlight any sentimental or historical significance of the shares to strengthen your case.
### **Document Everything:** - Maintain detailed records of all communications, documents submitted, and steps taken throughout the resolution process. - This documentation will be crucial if further legal action or negotiations are required.
### **Patience and Persistence:** - Resolving such matters can take time and persistence. Be patient while navigating through the legal and administrative processes involved.
### Conclusion: Resolving the issue of undisclosed shares and accrued dividends from a liquidated family-owned company requires a strategic approach involving legal expertise, documentation, and engagement with relevant authorities. By systematically following these steps and seeking appropriate guidance, you can maximize the chances of recovering the rightful benefits owed to the shareholders.
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