Return a share allocation to a company

[pleomax]

Could someone experienced please explain the process of getting someone to give their shares back to the company please?

I have a situation where the other director is not performing their duties as agreed and I would like to ask them to seperate themselves from the business.

Thanks

[ASB]

Could someone experienced please explain the process of getting someone to give their shares back to the company please?

I have a situation where the other director is not performing their duties as agreed and I would like to ask them to seperate themselves from the business.

Thanks

As a director fire them. Though of course if they have 50% of the vote through their shares that could be awkward.

Alternatively just remove them, I think you need a Form 288 from Co house; though theoretically this could be argued by the director for unfair dismissal etc.

As to the shares, to put it bluntly you're fooked. You have to negotiate.

All the companies I own shares in could ask me very nicely to give them back. I might simply tell them no. If she won't cooperate then you need to look at restructuring the share capital. You may be able to do this, however there is legislation in place to protect the interests of minority shareholders.

[rpgpgmr1]

Sounds like 2 issues - one remove a Director and the other get the shares back. Am guessing that removing a Director - as opposed to them resigning - would involve an extraordinary AGM and special voting but check with your Accountants.
Re Shares - you need to get a Share Transfer Authority Form completed - again your Accountants can help , or just google form J30. Can be bought from stationers or use one from a building society etc. Plenty of examples on web.
Needs completing and signing by both parties and filed with Company share memebrship details ( your office ?) .Different parts apply if the hsares have value / gifted .
Then Companies House need notifying that share distribution has changed.