Director Redundancy?

[BSRS]

Hi all

Hope you can help. I was wondering whether I can be made redundant yet still be a shareholder of a ltd company? Situation is...
I am a shareholder 51% of a ltd company and also a director & company secretary, my business partner owning the other 49%. The business is suffering at the moment and we have yet to repay ourselves the loans we initially put in to set up the business. I cant see the business making enough money over the next 18 months to make it a viable business and want to put the business on the back burner for a while and find another job until the market picks up, my partner wants to continue working on the business. Family wise I have another child due in 2 months and therefore need to get work with a steady income to cover my wife being off work for a year.
So my question is this, can I be made redundant and therefore claim benefits while I look for another job but still retain my shareholding in the business?? The business is not going to be paying any dividend for at least 2 years, at which point I would not be claiming any redundancy insurance etc so I cant see that being a problem. Is it though?!?
In my mind I want to be made redundant and claim benefits until I find another job, the business will be run by the other director and be nothing to do with me.

So is this possible and if so how do I go about it??

I really appreciate any advice or help at his stressful time.

[accountantpete]

I believe you have to be on a contract with the Company to be made redundant.

The fact that you are a shareholder does not affect other benefit entitlements.

[BSRS]

Thanks

When you say a contract, do you mean that I just need to have a contract of employment saying I work x amount of hours, duties etc??

[PFT]

As directors are treated differently to employees, I would assume that you would have a directors agreement with the company, stating position within company, duties, remuneration along with (usually) termination clauses and none competition clauses.