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Directorship

mark130273mark130273 Font Of All KnowledgeRegistered Posts: 4,234
Hia all.... first time i have been on here asking for help but this is something which i really need to know.

I have been asked to take on a directorship in a ltd company .ie an accounting firm but the current director WILL resign as soon as i am made a director, is there any way of not letting her resign . i.e. not signing the 288b form ?

Or is this not within my and the shareholders rights ?


Another qestion on this is if i take over the directorship of this company which is nearly in financial ruin would I be responsible for any debts of the company if it did fail !?

cheers in advance ??

Mark

Comments

  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    Not much use on this mark sorry - but why would you sign as a director anyway? and why is she keen to sign off?
  • A-VicA-Vic Expertise Guaranteed Registered Posts: 6,970
    and as far as i know they can sign there own form to terminate the directorship dont think you can stop it

    http://www.companieshouse.gov.uk/forms/generalForms/TM01_termination_of_appointment_of_director.pdf
  • Steve CollingsSteve Collings Experienced Mentor Registered Posts: 997
    mark130273 wrote: »
    Hia all.... first time i have been on here asking for help but this is something which i really need to know.

    I have been asked to take on a directorship in a ltd company .ie an accounting firm but the current director WILL resign as soon as i am made a director, is there any way of not letting her resign . i.e. not signing the 288b form ?

    Or is this not within my and the shareholders rights ?


    Another qestion on this is if i take over the directorship of this company which is nearly in financial ruin would I be responsible for any debts of the company if it did fail !?

    cheers in advance ??

    Mark

    Hi Mark,

    Forgive me if I am wrong, but am I right in thinking you are an ACCA student or registered student?? If so you won't be able to act as director in an accounting firm without resigning your student membership of ACCA, so it might not necessarily be a problem for you to sort out.


    Best wishes
    Steve
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    Hi Mark,

    Forgive me if I am wrong, but am I right in thinking you are an ACCA student or registered student?? If so you won't be able to act as director in an accounting firm without resigning your student membership of ACCA, so it might not necessarily be a problem for you to sort out.


    Best wishes
    Steve

    Hiya Steve , thanks for that .......i never heard of that ......but will ask tomorrow when in univeristy.....
  • Steve CollingsSteve Collings Experienced Mentor Registered Posts: 997
    No problem Mark. Mark if you are (as ACCA term it) "holding yourself out to be in practice" without an ACCA practising certificate you need to resign from ACCA because the fines are significant for doing this, even if you are practising as an AAT MiP.

    Kind regards
    Steve
  • mark130273mark130273 Font Of All Knowledge Registered Posts: 4,234
    No problem Mark. Mark if you are (as ACCA term it) "holding yourself out to be in practice" without an ACCA practising certificate you need to resign from ACCA because the fines are significant for doing this, even if you are practising as an AAT MiP.

    Kind regards
    Steve

    wow......will look into that thanks very much.......

    I can not run an accounting firm while studying or is it just i can say i am studying !!!

    i know they dont let you use there name in any letters or communications until qualified ?
  • NeilHNeilH Trusted Regular Registered Posts: 547
    mark130273 wrote: »
    I can not run an accounting firm while studying or is it just i can say i am studying !!!

    i know they dont let you use there name in any letters or communications until qualified ?

    Hi

    ACCA regulations prohibit student members and full members without a practising certificate from undertaken public practice or from being a partner or director of a company doing so. Th only exceptions are book-keeping up to TB, payroll and VAT - ACCA consider these outside the scope of public practice.

    Apparently, breach of these regulations are the most common reason for a student or member being struck off.

    On the issue of the director, I dont believe you can prevent someone from resigning as a director of a company.

    Neil
  • Gill GittingsGill Gittings Well-Known Registered Posts: 121
    This is what soooo annoys me about the ACCA. I want to be self employed as soon as I am qualified but they are like "nope - you cannot be a practicing accountant without ACCA approval regardless of whether you are AAT or not". Their attitude towards AAT is so unbelievable. So it looks like ill have to wait about 5 years to be self employed:(
  • payrollpropayrollpro Trusted Regular Hampshire/SurreyRegistered, Working Together with HMRC Posts: 418
    We must not forget that ACCA has its own technician set up, I believe it is called CAT and therefore this explains their attitude to AAT and the lack of recognition.

    It is a pain, but it seems the rule is, if you want to practice, stop at AAT but if you really want the ACCA then don't start your business or get involved in anyone else's until you are fully qualified.

    The real question is, what do you really need to do the job, if only ACCA will do it then go ahead but if the work is really AAT related then why go on?

    Our practice is me (AAT, ATT and IPP) and two ACCA's but AAT agreed to take on the supervision because the work we will do is actually AAT type and unlikely to drift into ACCA levels.

    Its about being qualified for the job, not getting the one you want, unless you have a longer term plan.

    Payrollpro
  • NeilHNeilH Trusted Regular Registered Posts: 547
    payrollpro wrote: »
    We must not forget that ACCA has its own technician set up, I believe it is called CAT and therefore this explains their attitude to AAT and the lack of recognition.

    It's worth noting that ACCA don't automatically recognise other CCAB bodies practising certificates either. Someone joining from ICAEW or CIMA, for example, and holding the respective practising certificates would have to gain the ACCA practising certificate - although I don't know what the mechanism would be for this.

    Neil
  • BluewednesdayBluewednesday Font Of All Knowledge Registered Posts: 1,624
    And also that CAT students suffer from the same rules that AAT students do
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