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Director of Ltd company

  • perin123
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13 Jun 12 #336622 by perin123
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I have been trying to find out about Ltd companies and CSA payments. My ex and his gf (soon wife) each hold 50% of shares in their new company and are both directors...
Just been reading this on a CSA forum....


""If you are the sole director of a firm or own more than 50% of the company, the CSA can take dividends into account.

However, if you are part of a board and own 50% or less of the company, who are jointly responsible for making dividend awards, the CSA cannot take it into account as you are not in control of the money. The other directors can waive their right to take a dividend and let you take your portion but obviously this needs to be documented in the minutes book.
Before you think about appointing your new partner a director, the other director cannot be "under your influence" i.e. a partner or offspring living at the same address.""

Interesting??

  • dukey
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14 Jun 12 #336628 by dukey
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The problem is they own 50% each so the latter does not apply, dividends won''t apply.

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14 Jun 12 #336683 by perin123
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Sorry Dukey, not sure what you mean??

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14 Jun 12 #336685 by dukey
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Not to worry Perin, not many women do understand me, its a gift i have :P

Because your ex only owns 50% and is not the sole director the CSA/CEMC cannot consider dividends because your ex does not soley decide on payments the amount and when they are to be payed.

Does that make sense?.

  • NoWhereToTurnl
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14 Jun 12 #336686 by NoWhereToTurnl
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dukey am I right in thinking that if there are 2 directors each with 50% share, one being ex and other being OW he cohabits with, dividends would be taken into account? Or is this their clever way of hiding assets? Exh has not declared it on form E but I have discovered it and got Companies House proof!

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14 Jun 12 #336694 by dukey
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We have two issues here, how the CSA deal with dividends and how court deal with them during financial application proceedings (ancillary relief, ( terms i`m trying to be good and use the new terms even though judges don`t seem to bother).

The CSA have their own rules on when they are included, not the same as court though.

Court form E ect want full disclosure, there is a section in form E for dividend payments, they must be disclosed, if they are not you include this issue in the questionnaire (which took me three goes to spell correctly).

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14 Jun 12 #336701 by NoWhereToTurnl
Reply from NoWhereToTurnl
Thank you Dukey :)Its as I thought then, I have actually uncovered 3 companies that are undisclosed on form E, happy days, hope the DJ realises this man is incapable of telling the truth! and does not grant dismissal of SM.

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