SearchCan I sign over my LAQC?
Cheryl asks:
(updated on Tuesday, March 01st 2011)
Our Experts Answer:
There is no reason why someone else can't take over your shares for no consideration. Some of the admin things to consider include.. You will need to resign as a director and negotiate with the bank for any guarantees you have given to be lifted.
The bank will also need to be comfortable with the new shareholder as will your ex husband, the company constitution probably provides him with a pre emptive right of purchase. They should also probably draw up a new shareholders agreement. To remain a LAQC a new LAQC election form also needs to be filed within 60 days of the shareholding change.
To transition into the new look through company rules the company must be a valid LAQC on 1 April.
Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.
Most Read
| Unity First Home Buyer special | 3.99 |
| SBS FirstHome Combo | 3.99 |
| TSB Special | 4.39 |
| Co-operative Bank - First Home Special | 4.39 |
| ICBC | 4.39 |
| SBS Bank Special | 4.49 |
| Unity Special | 4.49 |
| ANZ Special | 4.49 |
| Westpac Special | 4.49 |
| Kiwibank Special | 4.49 |
| Co-operative Bank - Owner Occ | 4.49 |
| ICBC | 4.59 |
| ANZ Special | 4.69 |
| TSB Special | 4.69 |
| BNZ - Std | 4.69 |
| Wairarapa Building Society | 4.79 |
| Nelson Building Society | 4.87 |
| Westpac Special | 4.89 |
| Co-operative Bank - Owner Occ | 4.89 |
| Kiwibank Special | 4.89 |
| SBS Bank Special | 4.89 |
| Unity Special | 4.89 |
| ICBC | 5.19 |
| Westpac Special | 5.29 |
| TSB Special | 5.29 |
| BNZ - Std | 5.29 |
| SBS Bank Special | 5.69 |
| Co-operative Bank - Owner Occ | 5.69 |
| Kainga Ora | 5.69 |
| ASB Bank | 5.69 |
| AIA - Go Home Loans | 5.69 |
| Kiwibank Special | 5.79 |
| Westpac | 5.89 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 3.95 |
| Co-operative Bank - Owner Occ | 4.99 |
| Co-operative Bank - Standard | 4.99 |
| Heartland Bank - Online | 5.30 |
| ICBC | 5.39 |
| Kiwibank - Offset | 5.65 |
| Kiwibank | 5.75 |
| Unity Standard | 5.79 |
