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GetBackUpAgain
Starting Member
8 Posts |
 Posted - 07 January 2012 : 20:23:32
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Hello,
As a Ltd company Director who's probably going personally bankrupt, should I resign the post and let the company reassign shares to the co-director (my wife) *before* declaring the bankruptcy, or should it be done afterwards?
What happens to the shares if reassigned afterwards? (their value is currently zero, and I hold 50 (half) of them).
Thanks for any info,
Ajay |
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Blackie
forum expert
United Kingdom
565 Posts |
Posted - 08 January 2012 : 15:15:39
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Hi Ajay
It really does not make any odds to your bankruptcy whether you resign beforehand or wait until bankruptcy.
As soon as you are discharged from bankruptcy, you can one more become a director.
the shares which you hold will be viewed as an asset and therefore, at this late stage, if they are reassigned, the transaction may be overturned by The Official Receiver. However if they are currently worthless but may be of value to you in the future, the Official Receiver may offer them back to you for a nominal sum.
All the very best
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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GetBackUpAgain
Starting Member
8 Posts |
Posted - 08 January 2012 : 18:11:20
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Thanks for the info, John.
I'm now trying to find out how the shares situation may affect the company in the future...
Is there a specific amount of time where *if* the OR kept the shares (and either didn't offer them for a sum, or I was unable to pay that sum) that they would keep hold of them?
As this is half the shares, it may potentially make company decision-making in the future awkward if the shares were kept?
Thanks again for any info/advice.
Ajay |
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debtinfo
forum expert
2826 Posts |
Posted - 08 January 2012 : 18:31:42
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| there is no time limit for dealing with the shares, but in general they usually do try to sort them out as soon as possible, particularly if there is no real value and the only other person that would want to buy them are the other shareholders, |
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Steve Thatcher
New Member
United Kingdom
70 Posts |
Posted - 09 January 2012 : 10:07:18
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In general the OR wil not be interested in shares in a small private limited company owned by a H and W. There is no marjet value for these and as these type of companies are generally lifestyle businesses he will transfer them back for a nominal value. When you have your OR interview simply ask what his intentions are with regard to these
Steve Thatcher
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Procedure for company director going bankrupt?
