We have a private UK company whereby one shareholder (although fully paid shares were issued) never ended up paying for their shares. Now we would like to forfeit/cancel those shares.
The Shareholders Agreement is silent on the matter. The Articles (which are slightly modified from the Model Articles) are also silent as to forfeiting shares. Though Article 21 of the Model Articles would still apply which would mean I think that forfeiture of its shares can not apply to private companies.
Is there another easy solution to effect the shares from the one shareholder is forfeited/cancelled for non payment?