Location: Hong Kong
I have a business dealing with scrap metal started back in 2011 but has gone downhill for the past few years so i decided to transfer everything to another potential buyer. The company is Hong Kong-based based but the major assests are in China since that’s where the machinery is. A tricky situation right now is that the company has three shareholders, two of whom are in complete agreement in selling the company, which we will label as A and B; the third shareholder is C who is also one of the partners at the start. The holdings proportion are as follow:
A: 50% ; B:45% ; C:5%
However, starting in 2022 C has disappeared and was uncontactable. At that time, we decided to just wait it out since it didnt affect the functionality of the company’s business but right now, since the majority of us wants to sell, we cant proceed the transfer without C’s signature to sign off his shares. From a legal perspective, is there anything we can do to either acquire the remaining shares or have legal authorities to intervene to squeeze out the shares? The business has been bleeding out dry and sustaining is impossible so selling is the only way to survive, however, with C’s disappearance, every plan we had was halted.