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| hammy0107 |
Posted - 21 May 2008 : 12:49:18
Hi me again,
I have a small shareholding in a business. It is a LTD business so the shares are only really worth anything to my co directors. They are supporting me through the BR which i know is fortunate and they are prepared to buy my shares off me now for what i consider to be a reasonable amount. My predicament is that they are insistant on me resigning my directorship prior to BR and buying my shares from me prior to BR. The reason for this is that they do not want to OR to take ownership of the shares as they see this as being a headache they could do without. The value of the shares has been set by the company accountant using recognized formulas for such a valuation. My worry is that the OR is going to be annoyed i have sold the shares prior to BR and therefore taken away any control they would of had over them. All the proceeds from the sale will go into my BR estate but do you think the OR will see this in a negative light. I am stuck between pleasing my co directors (who will now become my employers) and potentially annoying the OR enough to give me a BRO/BRU. I am 100% sure the OR would not get any more for the shares than i am getting anyway (probably less if my co directors refuse to purchase them) and that my creditors won't suffer as a consequence. Reassure me please. |
| 4 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 22 May 2008 : 09:37:42
Hi Hammy,
No Melanie means have the funds available to pass to the trustee after your Interview.
At the interview you can go through the paperwork, Valuation etc and then let the OR know what funds you are holding and they will give you details of where to send the funds.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| hammy0107 |
Posted - 22 May 2008 : 08:34:34
Melanie,
When you say as soon as 'the order is made' do you mean at court on the day i apply for BR? If so how am i best to pay as i really don't want to be carrying £10k plus in cash with me (lol) and obviously won't have a cheque book anymore. |
| melanie_giles |
Posted - 21 May 2008 : 22:57:01
Brett is spot on. The OR will be keen the check the basis of valuation, but so long as the calculations are reasoable they are unlikely to look to far into the transaction, but do make sure that you have the money available to pass over as soon as the Order is made.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| Helpful Advice |
Posted - 21 May 2008 : 13:29:04
Hi Hammy,
If the valuation has been carried out correctly by your accountant and the sale is made legally then it will not matter if this is done prior to Bankruptcy or by the Trustee after you have declared Bankruptcy.
Keep a good paper trail of documentation, valuations and any legal paper work to supply to the OR.
You need to identify that the sale of shares was not done at an undervalue otherwise this can be reversed by the Trustee.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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