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Neufeld Legal P.C.

Shareholders Meeting - Law

      
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SHAREHOLDER SUDDEN DEATH

Dealing with corporate shareholdings when a shareholder suddenly dies.

The sudden death of a shareholder can be a calamitous event for all interested parties, from the surviving shareholders to the estate of the deceased shareholder. For there is an expectation that one's business partners will not meet an untimely demise. So when it does occur, not only is it unfortunate and heart breaking on a personal side, it can be highly problematic on the corporate side.

The situation is only exacerbated when there is no unanimous shareholders agreement or the terms of the agreement are inadequate given the corporation's financial situation. For where a comprehensive unanimous shareholders agreement is in place, together with the corporation holding appropriate life insurance coverage over the life of the deceased shareholder, such that addressing the situation on the corporate end is largely procedural, where any of these elements are missing or inadequate, the situation can become highly problematic. Those problems only grow where the interested parties are incapable of coming to a compromise solution and thereby presses one or all sides to dispute the proposed alternate arrangement, given that the various sides are not capable of achieving the necessary concessions, especially where one side is not legally required to make such concessions.

Other legal matters pertaining to a shareholder's personal condition, etc.: death - terminal illness - mental incapacity - retirement - spouse's position - surviving shareholder(s) - share undervaluation

For knowledgeable and experienced legal representation in dealing with legal matters impacting a shareholder's corporate shareholdings, contact the law firm of Neufeld Legal P.C. at Chris@NeufeldLegal.com or as follows:

Calgary, Alberta: 403-400-4092 (admission: Alberta Law Society)

Toronto, Ontario: 416-887-9702 (admission: Law Society of Upper Canada)

New York City: 646-681-4491 (admissions: New York State Bar, Southern and Eastern Districts of New York - United States District Court)

 

Shareholder Meeting Lawyer

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