View Full Version : Director leaves the company and gives up his shareholding. What do I need to do?

27-07-2005, 08:39 PM
My limited consultancy company is growing, but the other director (and equal shareholder) has taken a full-time position elsewhere. We decided that he should leave, but he was handling all the admin.

He's now trying to get the company affairs in order.

Is it right that he can transfer his shares to me (so that I am the sole owner) in writing and we simply need to acknowledge that in the next Annual Return, or are there other formalities to be completed?

We've been fine doing the change of Registered Office and giving up the directorship, but are uncertain over the transfer of ownership requirements.

I'd be very grateful of any advice you could give me to speed the job along as smoothly as possible: it is affecting the quality of our output whilst the admin and bookkeeping aspects of the firm are handed over to another person.

Many thanks in anticipation.

29-07-2005, 09:30 AM

You find it helpful to take a look at Chapter 2, sections 9 and 10:


I would also suggest discussing this with your accountant, who will ensure that everything is above board.

In addition, you may find it helpful to read the following information from Business Link about company administration: