Q&As

What is the effect of enforcing a share charge over partly paid shares?

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Published on LexisPSL on 15/06/2018

The following Restructuring & Insolvency Q&A provides comprehensive and up to date legal information covering:

  • What is the effect of enforcing a share charge over partly paid shares?
  • The nature of partly paid shares
  • Enforcing security over shares

What is the effect of enforcing a share charge over partly paid shares?

The nature of partly paid shares

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

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