First, ensure that all necessary documentation is prepared and in order, as any missing paperwork can provide excuses for delays. Communicate clearly and in writing with the other shareholder to establish a timeline for the transaction, reinforcing the importance of adhering to agreed-upon deadlines. If the company has a shareholders’ agreement, refer to it for any clauses that cover the sale of shares and dispute resolution.
Engage a legal advisor to understand your rights and potential actions to enforce the sale, especially if a formal agreement or statutory regulations are being ignored. A solicitor can draft a formal letter reminding the other shareholder of any legal obligations and potential penalties for delay.
Conduct a shareholders’ meeting to openly discuss the issue and seek a resolution collectively, possibly involving other stakeholders who may be affected by the delay. If necessary, consider mediation or arbitration as more formal methods to resolve the dispute without proceeding to litigation, which can be costly and time-consuming.
Finally, if the delays continue and you suffer financial losses, you might need to consider legal action. However, ensure that this course of action is aligned with your long-term business interests and relationships with other shareholders.