An individual is a director and shareholder in a private limited company with unamended Model Articles. The individual wishes to sell their vehicle to the company for use in its business at a price of £40,000. The net asset value of the company is £250,000.

 

The seeks your advice as to whether they can enter into the transaction immediately or whether further steps are required.

 

What is the best advice for the individual?

Answer rating: 100% (QA)

The individual being both a director and a shareholder of the private limited company must ensure that the transaction to sell their vehicle to the co... View the full answer