PROPERTY SETTLEMENT

 

How is a Company dealt with
in our Property Settlement

 

A common question is what happens with a company when parties do their property settlement after separation.

The fact that a particular asset or liability is owned by a company can be overcome in family law property settlement applications, as the Court will look at who is actually in control of that asset or liability.

The difference between a Director and a Shareholder is that a:

  • Director is a controller of a company;
  • Shareholder is an owner of the company;

A Director may also be a Shareholder, which means that they both own and control the company.

Among other things, when dealing with a family law property settlement application, the Court can make orders as to:

  • Transfer shares owned by a shareholder to another person;
  • Have the Director of a company resign;
  • Relinquish any interest in a company.
The Court can make these Orders whether or not the Court has the consent of the parties.  

 

 

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Content By:
Michelle Beatty
MRB LAW

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