I set up a small Ltd company in July of this year.
There are two directors; myself and my partners brother. I am the main shareholder, whilst the BIL is none shareholder (shadow director).
BIL is in financial difficulty and is currently co-operating with his bank to restructure loans.
The bank are looking to know the full ins and outs of his financial position. He makes no input within the company nor does he draw a salary from it.
BIL phoned me to say the bank were looking for full disclosure of the company's accounts etc, a letter of verification of what percentage of shares he holds within the company, plus a mammoth amount of other paperwork.
Keeping in mind BIL's percentage holding in the company - what amount of paperwork am I obliged to produce?
There are two directors; myself and my partners brother. I am the main shareholder, whilst the BIL is none shareholder (shadow director).
BIL is in financial difficulty and is currently co-operating with his bank to restructure loans.
The bank are looking to know the full ins and outs of his financial position. He makes no input within the company nor does he draw a salary from it.
BIL phoned me to say the bank were looking for full disclosure of the company's accounts etc, a letter of verification of what percentage of shares he holds within the company, plus a mammoth amount of other paperwork.
Keeping in mind BIL's percentage holding in the company - what amount of paperwork am I obliged to produce?