I currently have around £60,000 worth of debt and will be applying for bankruptcy soon. I have just resigned as a company director but still 1/3 of the company as a shareholder along with 2 other people. (They want to keep company running) but insisted I regign as a director prior to BR...fair enough. The company has yet to make a profit and a wage hasn't been drawn from the company since Oct 2007. My question is...what happens to the shares? The other 2 directors tried to make me sign the shares over to them upon my resignation but I was worried about how the OR would view this and refused. I know the shares are probably worthless but I didn't want the OR to think I am trying to fleece him.
The key question here is regarding the value of the shares. You are quite correct in your assumption that the OR would take a dim view of signing the sares over without payment as it would be deemed as a transaction undervalue.
Given your situation, I would recommend you have a chat with Brett England of England, Jackman & Spacey(the link to his website is on the experts page) as he has a wealth of experience in these matters.
Bankruptcy and company shares
Posted - 02 June 2008 : 21:47:37
