The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:
Section 581 of Companies Act 2006, sets out the statutory basis allowing partly paid shares. It would be usual for a company’s articles to specifically authorise the creation of partly paid shares and to set out relevant procedures and mechanics for calls. A question, therefore, is whether the shares were originally created as partly paid shares by the company’s articles and, if so, whether the payment terms of those shares are set out in a company’s articles (usually this would be on demand).
For more information, see Q&As: Is it possible to alter the terms of issue of shares (eg payment terms for partly paid shares) and, if so, is shareholder approval or a deed of variation required? and What is the process for forfeiture of shares and in what circumstances does it apply? Can it apply to fully paid shares?
You may also wish to consider Commentary: Butterworths Corporate Law Service: 3 Partly paid shares [17.34] which you may find useful for your purposes.
Usually, under the terms
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