Reorganize Company With Missing Shareholders

Summary

To reorganize a company with missing shareholders, file a petition in Kansas court to appoint a custodian. The custodian manages and protects the interests of absent shareholders, facilitating decisions about company property. Legal advice is recommended to navigate state laws and court procedures effectively.

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i am a shareholder in a company founded in * in kansas and owns real property in the state of idaho. most shareholders of this now-defunct company are deceased or long lost. we have to report to a judge in kansas on the state of the company every year. nothing is going on with the company except we own land in idaho. we'd like to re-organized and do something with the property to make money. how can we do this, not knowing where all the missing shareholders are
Hi Pat! To help you better, could you please let me know if the company is still legally recognized as an entity in Kansas? This information will help in determining the steps needed for reorganization and addressing the issue of missing shareholders.
yes it is
Hi Pat! Here's some general information on your situation:
- You might need to file a petition in Kansas court to appoint a custodian for the missing shareholders.
- The court can determine the best course of action for reorganizing or selling the property.
- You may need legal advice to navigate specific state laws and court procedures.
Please consult with a local attorney for detailed guidance.
what does it mean to appoint a custodian for the missing shareholdered
Hi Pat! Appointing a custodian for missing shareholders means:
- A custodian is appointed by the court to manage and oversee the interests of the missing shareholders.
- The custodian ensures that the rights of these shareholders are protected during legal and financial actions.
- The custodian can help in making decisions related to the reorganization or sale of company property.
Would you like more detailed information on how to proceed with appointing a custodian in Kansas?
yes
Hi Pat! Here is how to proceed with appointing a custodian in Kansas:
- **File a Petition**: Submit a petition to the Kansas court to appoint a custodian for the missing shareholders.
- **Court Hearing**: Attend a court hearing where the judge will review the petition.
- **Custodian Appointment**: If approved, the court will appoint a custodian to manage the interests of the missing shareholders.
The custodian will help oversee and protect shareholder interests and assist in making decisions about the property. Consulting a local attorney in Kansas for detailed and specific guidance is recommended.