Query about reversing allocation of shares
Hi there. I hope someone can help on this please.
I was a director of a company in 2001 and was allocated over 2000 x £1 shares. I wasn't told to pay for them at the time and was never asked to pay for them. The shares show on the annual return as mine and are registered to me at companies house. The company accounts to 2006 show them as unpaid and since 2007 show the shares as fully paid up. There is no director's loan account showing for me on the accounts. There has never been an invoice.
In 2010 after an acrimonious split (I resigned as director in 2009), I was asked to pay for the shares. I refused as I didn't think it was clear cut I still owed for them. Court hearing recently decided that the debt for the shares is statute barred. The company are now desperately working with their accountant to see if the shares can simply be claimed back from me as they're not paid up (even though the accounts say they are?) and the articles of association say all issued shares must be paid up.
Can the company simply grab these shares back from me?