Questions & Answers
How to transfer the shares of a company from his heirs to the partners?
A company is registered in a free zone (Dubai South) and had 4 shareholders.
But now one of them passed away and the successor is a very old lady, who is not cooperative and will not be able to sign any document at all (and she lives in another country).
We have no idea who will be a successor after this old lady and these people will in fact never be interested to do anything with this company.
The company is financed and managed by only one shareholder, who is willing to continue.
What can be done in this scenario to keep this company and continue operations?
How to transfer the shares of the deceased shareholder (buyout, shares transfer)?
Is there any court procedure where if no one claims their rights after some time, the shares will automatically be transferred to the company itself or the third parties?
Thank you.
A.
You have to file a case to take this partner out.
Good morning!
We would like to know what legal type of company it is. Please share the MOU and trade license of the company.
Also, let us know if the lady is willing to sell the share and please ask her to issue an heirship certificate.
For further advice, please contact us by phone or email.
Dear A.
Thank you for contacting Badr Legal Consulting.
We are willing to assist you with that, the company can still be continued with the other 2 parties and you should submit the death certificate where there is no share of 3rd party.
And if the old lady is not willing to continue, she should provide a letter to transfer her share and she will get out of the company.
Please share with me the company agreement to check the share percentage of each partner for better guidance and understanding.
You can contact us thru WhatsApp.
Thanks
Mohamed Badr
