Deceased's estate in administration for 8 months now with sizeable number of PLC shares. Executors now going to sell all loss-making shares and complete IHT35 but transfer all gain-making shares to beneficiaries by assent. Broker is just about to sell the loss-making shares and transfer gain-making shares into pre-existing beneficiaries' personal account with stockbroker.
But deceased owned tens of thousands of pounds of loan notes in TXU Acquistions Ltd which has been in administration and subject to a CVA arrangement for years. Over the years the deceased received seven capital payments from the administrator.
On the assumption the original share registrar is no longer acting, what is the means that the beneficiaries use to transfer the deceased's residual interest in the loan notes to themselves just in case an eighth distribution is paid out, which they want for themselves, not the executors. The administration of the estate is still ongoing, and residue has not been ascertained yet. Would a simple minutes of executors meeting suffice. If executors write to the administrator (who seems to be very evasive) surely that would rack up inordinate costs dealing with a fairly routine matter. We would rather deal with it from our end rather than get the administrator involved.