Can anyone advise me.

[happysnapper]

I am the MD of a LTD company, I own 60% of the shares and another director owns 40% shares. We have a business bank account and both have access to the funds in it.

The other director has been withdrawing money from the business account for personal use without my knowledge. I have challenged the director in question and they have stated that they needed to borrow some money due to financial problems. It now amounts to £700 and that is quite an amount for a small business, The monies should have been paid back at the end of Nov 07, however i haven't been able to contact the other director since. I have made several attempts to make contact only to be ignored.

The director in question is also the company secretary however the person in question never attends work, in fact no attendance now for around 8 weeks.

Can anyone tell me if i can legally dismiss this person as a director and wether or not that this director is commiting fraud by taking company funds for personal use.

thanks