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The gist of this topic is that a Ltd Co. is owned by 2 shareholders. The director has 60% and the company secretary has 40% but isn't registered as a director, nor wants to be.
The director has had really bad Alzheimer's for about a year now and the business is going to start liquidation procedures. This will have to happen under direction of the company secretary, being the highest ranked employee.
The director can be disqualified by reason mental health according to the Articles of Association, which is what the Co. Secretary wishes to carry out. In so doing, of course, that leaves the company with no registered director so is a problem that needs to be overcome. No director will be appointed.
So, will the removal of the director trigger a liquidation.
As mentioned, a liquidation process will be instigated shortly, so would it be best to disqualify the director and start liquidation personally.
Would it be a problem if the director is removed and a date of liquidation is set by consultation with whoever is appointed to do the winding up, say an agreed 12 week notice period so that the company can at least have a huge clear-out sale in the meantime.
As an addendum to all of that, the 2 shareholders are married and the Co. Secretary has full Power of Attorney in the directors financial affairs, as well as health.
The director has had really bad Alzheimer's for about a year now and the business is going to start liquidation procedures. This will have to happen under direction of the company secretary, being the highest ranked employee.
The director can be disqualified by reason mental health according to the Articles of Association, which is what the Co. Secretary wishes to carry out. In so doing, of course, that leaves the company with no registered director so is a problem that needs to be overcome. No director will be appointed.
So, will the removal of the director trigger a liquidation.
As mentioned, a liquidation process will be instigated shortly, so would it be best to disqualify the director and start liquidation personally.
Would it be a problem if the director is removed and a date of liquidation is set by consultation with whoever is appointed to do the winding up, say an agreed 12 week notice period so that the company can at least have a huge clear-out sale in the meantime.
As an addendum to all of that, the 2 shareholders are married and the Co. Secretary has full Power of Attorney in the directors financial affairs, as well as health.
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