ChatterBank0 min ago
road management company share certificate problem
6 Answers
I bought my house which is on a private road run by a management company which consists of the house owners. After much hassle i was given a share certificate in the company in March 2010, but the annual return of the company which was done in Sept 2010 and filed in Nov 2010 does not show me as a share holder, it shows the previous owners.
This is a deliberate ploy by the chairman and secretary, but I the share certificate I have is signed by them and another director.
what can I do now, can I sue the company, can I force them to reissue the annual return to companies house with my name as a share holder? Can I contact companies house myself and they can do something about it?
This is a deliberate ploy by the chairman and secretary, but I the share certificate I have is signed by them and another director.
what can I do now, can I sue the company, can I force them to reissue the annual return to companies house with my name as a share holder? Can I contact companies house myself and they can do something about it?
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I sense a level of antagonism in your question. What problem are you actually trying to solve?
The purpose of such a limited company is typically to ensure that maintenance of the road gets done. So, whilst shareholders in most companies share in the profits of the enterprise, articles of association of this limited company are more likely to be to ensure that all shareholders contribute their proportion of costs incurred in maintenance. So if you are not registered as a shareholder perhaps you are not liable for any 'losses' incurred by the company - which may be a benefit to you.
All of this assumes that your land has an easement that allows you the right to pass/repass up and down the said private road - which would be the normal way the LR would record your access rights.
What steps have you taken to try and get on with your neighbours? - who presumably comprise the other directors and company secretary of this organisation.
The purpose of such a limited company is typically to ensure that maintenance of the road gets done. So, whilst shareholders in most companies share in the profits of the enterprise, articles of association of this limited company are more likely to be to ensure that all shareholders contribute their proportion of costs incurred in maintenance. So if you are not registered as a shareholder perhaps you are not liable for any 'losses' incurred by the company - which may be a benefit to you.
All of this assumes that your land has an easement that allows you the right to pass/repass up and down the said private road - which would be the normal way the LR would record your access rights.
What steps have you taken to try and get on with your neighbours? - who presumably comprise the other directors and company secretary of this organisation.
If you have bought your house recently then this may be normal practice -depending when the management company's financial year begins and ends. You have to make a return using the shareholders names who owned the share .during that particular financial year. As Company filing can be up to 18 months behind -then if you bought your house within this timeframe then the return may well have the previous owners name on. next year this will rectify itself automatically - For instance - my company's financial year runs from jan - jan and I have up until Sept to file a return -this means in september I am filing a return on information about the company from january 2009 - jan 2010 - even if a director left in Aug 2010 their name would be on the Return as they would have been a director within the time frame of jan09 -jan10. I presume you have an accountant which deals with the Company Return? Ask him
The return of shareholders is on a fixed date each year and has nothing directly to do with the company's fiscal year. The Directors get a reminder from Companies House that the updated return must be completed by xxx giving the position about 3 weeks before that date.
Well that's my experience anyway.
How quickly CH use the information is another matter.
Well that's my experience anyway.
How quickly CH use the information is another matter.
dzug2 : thats exactly what happened, companies house sent them a few reminders then they submitted their annual return and that's when I found out that I was not made a share holder even though I have a share certificate signed by the chairman/secretary/director
crystalbee27 : trust me you don't want to live next to some of these guys, one of them has had a criminal record, his son is inside, some others are scared of him etc
Basically as usually with these kind of problems, they are complicated. I bought a repossessed house, the previous owners were the share holders for my house.
I turned up, I get a crazy man coming up and threatening that he can stop me from using the road, coz he is the secretary of the management company and I haven't contacted them before the house was bought. So I laughed it off.
He is fleecing the company dry, he partly does some of the work charging loads of money, or he gives jobs to his dodgy mates and charges the company for it, they probably give him some backhanders.
If you complain or wanna do things the right way i.e. get tenders, discuss spec or work to be done, he gets uptight and thats what happened.
Other neighbours benefit from this in that they get their part of the street done nicely or turning a blind eye on certain things.
Any how the problem now is some of us (house owners) want to kick him and the chairman out so we can sort out the company and run it properly. We want to hold a shareholder meeting and we probably have a 5/4 majority.
Then comes the dirty tactics. When I was on his good side I managed to get a share certificate signed by "them", but now looking at the yearly return, they haven't included me as a share holder. Being a director of the company is not even a question now, and I'm withholding paying this years maintaintance as they have been flowting company law and the management company
crystalbee27 : trust me you don't want to live next to some of these guys, one of them has had a criminal record, his son is inside, some others are scared of him etc
Basically as usually with these kind of problems, they are complicated. I bought a repossessed house, the previous owners were the share holders for my house.
I turned up, I get a crazy man coming up and threatening that he can stop me from using the road, coz he is the secretary of the management company and I haven't contacted them before the house was bought. So I laughed it off.
He is fleecing the company dry, he partly does some of the work charging loads of money, or he gives jobs to his dodgy mates and charges the company for it, they probably give him some backhanders.
If you complain or wanna do things the right way i.e. get tenders, discuss spec or work to be done, he gets uptight and thats what happened.
Other neighbours benefit from this in that they get their part of the street done nicely or turning a blind eye on certain things.
Any how the problem now is some of us (house owners) want to kick him and the chairman out so we can sort out the company and run it properly. We want to hold a shareholder meeting and we probably have a 5/4 majority.
Then comes the dirty tactics. When I was on his good side I managed to get a share certificate signed by "them", but now looking at the yearly return, they haven't included me as a share holder. Being a director of the company is not even a question now, and I'm withholding paying this years maintaintance as they have been flowting company law and the management company
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