A limited company (micro business) has 3 directors each holding 1 share and each having paid £5,000 for their share.
One of the directors has stopped having anything to do with the company and has moved away, the other directors do not know how to contact him and are wondering what they can do with his shares ie they want to get "rid of him". The company is not yet profitable and no dividends have been paid.
There is no shareholder agreement in place and their articles of association are those which companies house provide and as such does not include any reference to resolve this scenario.
I realise that they should seek legal advice, but just to assist my own understanding, I was wondering what are their options? Could the 2 directors who are left create a new company and move the trade into that company, thus making the previous company dormant?