Who owns your company?
A company’s shareholders are the people who are registered as such in the company’s statutory registers. If statutory registers are not properly maintained, this can give rise to troublesome issues.
A company’s records should show clearly all shares that have been issued and to whom, all share transfers that have taken place and consequently who all of the shareholders are. The registers will need to be updated on any share issue, transfer, buyback re-designation, consolidation and sub-division.
The information that has been filed at Companies House should also be consistent with the statutory registers.
It is important to ensure that registers are properly written up so that any problems can be rectified. It is usually possible to do this, and easier to do so if there is time available. If there are problems with statutory registers, this will be identified by a buyer on an acquisition of the company and could potentially lead to difficulties in the transaction process.
Contact us
Should you or your company need any advice in connection with your company’s PSC register or its statutory registers generally, please contact Keith Kennedy (partner in the Corporate and Commercial Department) at keith.kennedy@pearsonlegal.co.uk or by telephoning 0161 684 6942.
Posted 6 March 2017
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