Limited Company two directors around 6 months old: The company business activities is installing broadband for their clients
A: 55% Shareholding
B: 45% shareholding
I am advising A
Company was setup on the premise that B would bring 15 clients and world install the broadband which involves going on their clients roofs. A would be involved with the technical setup and operations plus provide some investment. No Shareholder/Directors agreement in place - everything agreed verbally
A is doing all the work and putting all his money to fund the company as since it is as startup a lot of investment is required, B was suppose to contribute but says he cannot afford to. B is really doing nothing in the company and is also scared of heights so cannot even install the broadband. B only conribution so far is 15 customers but all of them had to have their broadband equipment replaced so currently making losses on them,
B now wants access to the book-keeping and the bank account which A does not want to give. A wants to decrease B shares to 20% but will not be possible without B agreeing. A cannot afford to buy B out at the moment.
Does B have the right to the bank account and book-keeping.