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Topic starter
10/04/2012 10:21 am
Complicated one this.
I set up a private Ltd company and now need to know if I can hold shares in the Ltd company as they have no market value.
Being a director I have not taken a salary from Dec until now and won't receive a salary until the following financial year of 2013.
The dividend (about £7k, not much of a salary!) would be my only source of income for a 12 month period (and my only way of making my monthly payments to the trust deed)
Also, I'm looking to base myself in France and work out here - will that affect the trust deed at all? I will be billing my UK Ltd company for my services out here and will retain a UK bank account.
Thanks!
10/04/2012 11:05 am
There is no bar to holding shares or setting yourself up in this way. Your trustee would of course have to be kept informed, but if they have no market value then I don't see any reason they would have a problem.
I take it your company does not own any significant assets?
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
Topic starter
10/04/2012 1:39 pm
quote:
I take it your company does not own any significant assets?
Not a single one 🙂 just started up and it's purely turnover. I just want to make sure I have enough money to live on.
Was there any problem in being resident in France then?
10/04/2012 6:10 pm
Hi queen_sheba.
A trust deed doesn't prevent you from moving somewhere new.
If your circumstances change there may need to be a review of your income and expenditure.
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