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Company formation error

Client set the company up with wrong class of shares

Client set up her sole director company six months ago and made an error by  allotting one Preference share at nominal value £1 instead of one ordinary share. Is there an easy way to correct this error by changing the class for example on the annual confirmation statement.

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14th Nov 2018 12:48

Why not just issue 1 ordinary share to the same person?

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16th Nov 2018 09:45

Depending on the Articles, you could allot one new ordinary share so you would then obviously have two shares in issue - one ordinary & one preference.

An alternative is to pass a ordinary resolution to re-classify the preference share as an ordinary share, along with a CH form SH08, and possible SH10 depending on the rights of the preference share.

We can help prepare a full pack for £135.00 + vat

https://www.fcls.co.uk/corporate-law/full-corporate-law-price-list/

Adrian

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