Winding Up A Limited Company

[brainiac]

Does anybody (NJ?) know what would happen if a small Limited Company (a residents' association, with 25 houses all having an equal share in the company) was unable to find any of those residents willing to serve as directors of the company? Would it take an EGM of the Company to vote to dissolve the company; and what would happen to any common parts owned by the company if it were wound up?

[Zacs-Master]

Who,are the current directors?

[brainiac]

At the moment, it's me and two others; but there's bad feeling all round and the threat of resignation in the air......

[Peter Pedant]

yeah who are the current directors ?

well anyway I am glad I wasnt asked this question.... but
it looks as tho you follow the steps here

https://www.gov.uk/liquidate-your-company/members-voluntary-liquidation

[Zacs-Master]

Wouldn’t really take an EGM, just a board meeting where the company directors who didn’t want to be directors resigned.

[brainiac]

That's interesting, Peter, thanks. We have no debts - in fact have plenty of funds - so it seems there is a 'way out' if nobody will get off their backsides and help the remaining directors out by volunteering to serve. It's been threatened many times in the past that either (very) expensive outside management would be brought in, or the company would be wound up. They have been warned!

[Zacs-Master]

To be honest, if there’s nothing in the company policy document (whatever form that might take) it’s a pretty *** poor set up.