Company register for an OMC

[Blackrock1]

Hi, unfortunately for me i am a director of our OMC (small residential estate in Dublin).

We have taken over the running from the developer and common areas have been transferred but it has been made known to us that the two original directors are still listed as the shareholders (each owning 50 of the 100 issued ordinary shares)

How do we regularise this and for an OMC how should this reflected, if there are 20 units do we divide the 100 issued shares among each homeowner?

 

[8till8]

You would re-register the company into a CLG Company Limited by Guarantee. A CLG does not have share capital and is owned by the members who's exposure is just €1 - its the format for OMC's

Are you certain the common areas have been transferred already? it would be easier if the common areas where transferred into a newly incorporated CLG and leave the developers company for themselves to deal with.