Directorship and bankruptcy

bacil_uk

Hi,

got quickie ...

I know that it is not allowed to be Director or board member while undischarged, but i will ask anyway.

About year ago i have started Ltd. with my friend and his sister. we split shares 48:48:4 so we have tie-breaker if we disagree. So we made me director and him secretary.

We dont generate no profit, and revenue is 2.70 pounds. We do develop applications for mobile phones (iphone and java) currently we have 2 apps on appstore and its equivalent for java phones.

So my questions are. Would OR or court allow me to continue in this capacity. Which i real terms mean i am the one who does the programming, my friend does web etc. or would i have to resign ?

And second question if i end up with say 3yrs IPA would i be able to be director after discharge or would i have to wait until that is paid of as well ?

debtinfo

What the rules say is that you cannot act in the promotion formation or management of any company. So this means as well as not being the official director you cannot run the company in any capacity. This means deciding in the overall direction of the company, As long as your friends run the company and decide in the decisions of how the company is directed then there is no problem in you being employed to do the programing, ie as long as your friend was decidind what needed to be programmed

bacil_uk

debtinfo wrote: »

What the rules say is that you cannot act in the promotion formation or management of any company. So this means as well as not being the official director you cannot run the company in any capacity. This means deciding in the overall direction of the company, As long as your friends run the company and decide in the decisions of how the company is directed then there is no problem in you being employed to do the programing, ie as long as your friend was decidind what needed to be programmed

Ok thats what i thought ... how about the length of this limitation is it until discharge or until IPA/O is finished ?

debtinfo

only until discharge

bacil_uk

debtinfo wrote: »

only until discharge

is there an option to apply to court for allowing directorship ? i have read somewhere that it can be allowed in some circumstances, or rather that law allows for this in some cases

So_Sad_Angel

bacil_uk wrote: »

is there an option to apply to court for allowing directorship ? i have read somewhere that it can be allowed in some circumstances, or rather that law allows for this in some cases

I believe that you can apply to court to hold the position of Company Secretary but to be a Director I think under Company House rules you would be automatically disqualified.

Can you relinquish your Directorship over to a 3rd party until discharge as bankrupt does`nt look good on a Company House search .

bacil_uk

So_Sad_Angel wrote: »

I believe that you can apply to court to hold the position of Company Secretary but to be a Director I think under Company House rules you would be automatically disqualified.

Can you relinquish your Directorship over to a 3rd party until discharge as bankrupt does`nt look good on a Company House search .

its not a problem as such ... i an resign completely from company and let them two to formally run the company... i just wanted to know what options there are ...

and actually there is another question related .. how about my share in company ... how to include it in SOA when there is no income form it and my share have value of about 10 pence ?

debtinfo

You can apply to court, what reason would you give for being an exception to the rule

Your shares go in section 3 under assets, they will remain an asset with the OR until otherwise stated

bacil_uk

debtinfo wrote: »

You can apply to court, what reason would you give for being an exception to the rule

Your shares go in section 3 under assets, they will remain an asset with the OR until otherwise stated

what value tho ? .10 pence real value or nominal ? what i mean we started company with 1000 punds capital i paid in 480 etc ... so nominal value of the shares is 480 but real value is about 10 pence.

debtinfo

I presume they are not traded, so normally you would go of the net assets on the balance sheet

bacil_uk

debtinfo wrote: »

You can apply to court, what reason would you give for being an exception to the rule

Your shares go in section 3 under assets, they will remain an asset with the OR until otherwise stated

Sorry forgot to answer first half of the question ... i would claim that company and its main product were and are my idea ... one of them is in process being submitted as patent pending and hence me not giving direction it could ultimately affect other partners etc ....