Ltd company director/shareholder

[wales01man]

Desperate for advice for family member
If a director /share holder is considering personally going bankrupt can they resign as director/sole shareholder and let someone else take over the roles problem maybe the company has 8.5k in the bank would this be used by the receiver to pay personal debts

[wales01man]

Bump can anyone help or direct us to somewhere

[BakMi]

Much depends on what is written in the act of foundation of the company. Tell your relative to check out with the company's lawyer first. I think any director can resign, but I'm not sure about the shareholder. It's better to reach out to these guys https://ndandp.co.uk/director-disqualification/. They have experience in solving such problems. They helped my father win a complicated process. His company wanted to fire him because he was not doing his job in the opinion of shareholders. Dad resigned anyway after the trial, but at least he made some money out of it.

[des8]

Resigning as director is no problem, but disposing of shares may be if that is done at undervalue.
Page 7 of this link might help: https://researchbriefings.files.parl...SN05271/SN0527