Linked companies - one closing

Discussion in 'Growing and Managing a Business' started by confused, Aug 22, 2013.

  1. confused

    confused
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    Hi,

    I have no clue as to what happens under the following circumstances.

    I set up a company 2 years ago and am the sole director of it. I own all the shares also. Last year I set up another new company with a business partner. The set up is as follows.

    Company A = Directors - 1 - Me
    Shares - 100 - owned by me

    Company B = Directors - 1 - Me
    Shares 100 - 29 Owned by business partner
    71 owned by Company A.

    The reason I am the sole director of Company B is that myself and the business partner had a major falling out - police involved etc - and he resigned as director of the company but he still owns 29% of the shares.


    So now I am looking to wind up Company A as my focus has been taken elsewhere and it is not longer trading - hasn't been trading for over 6 months.

    My question is this:- If Company A, which holds 71% of shares in Company B, is wound up - what happens to the 71% of shares it held in Company B? Do they revert to myself as the sole director of Company A or do they get moved to the remaining shareholder - my business partner?

    Thank you in advance for all your help and I will answer any further questions that I can.
     
  2. Fergal

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    Thanks for posting your question confused. What country or state are the companies registered in?
     
  3. confused

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    Hi sorry for the delay. The company is based in Northern Ireland, UK
     

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