A company had three directors, two left and resigned their directorship, however they kept their shareholding (1 share each). the remaining director died, the company has been taken over by an employee who the two surviving directors do not see eye to eye with and want to 'give up' their shareholding. They do not want any money, basically they want to cut all ties with the company. can they just give them back? if so what is the procedure?
thanks
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Easiest just to git the shares to the new employee
Fill in a stock transfer form, get it signed and dated and keep it with the company stat books
Directors arguing
Thanks Chris,
I agree but the two ex directors do not have access to the companies stat books, when I said they don't see eye to eye with the employee I was probably understating,they detest the sight of each other!!. I don't think there will be much chance of getting the three of them to act reasonably to each other, I was wondering if there was any way the two ex-directors could just give up their interest in the company, whether the third party agrees or not.
I know you're probably thinking what type of idiot would refuse the gift of the shares which would give him complete control of the company, I certainly am, but this does seem to be the case!!.
I'll give them a quid each for the shares, how's that?
Just pay me in regular large dividends.
DIRECTORS ARGUING
Just one, I know this is verging on the ridiculous, suppose it's another chapter in the book of weird clients
Arguing Directors
Please get a grip of your clients. They own the majority of the shares and are directors, which he is not.The way forward to protect their chicken-livered skin is for them to give you a letter of authoriy and a board minute sacking the employee. You armed with these then go to the company and give him 10 minutes to clear his desk & leave the premises I have done this for client and it is very rewarding
The above advice is given with any knowledge of his length of service and rights under employment law