Cessation as a significant person

[KippyKen]

Hi,
In what situation would a director of a company, being one of three directors each holding 1 share, who also manages all the bank accounts, file a Cessation of Significant Person Form with Companies House?
It is a complex story, but I remain listed as a director of a company that was formed for a tenants association many years ago and have little to do with it. It is dormant but still as far as I know still holds funds in it's bank accounts. A Confirmation statement was not filed last year and a notice to be struck off has been Gazetted. Looking on Companies House I note that the 'main' director who drove everything and controls the accounts, filed a Cessation of Significant Person Form back in 2020.
Why would he do that if still holding shares and controlling the accounts?

 

[WaveJumper]

Welcome to the UKBF I think in the first instance you should make yourself aware of the responsibilities you hold as a director. And then ask why there have been no meetings concerning its future and the possibility of winding it up if dormant and no longer required, although if its a tenants association does it no longer have a purpose?

Do you know how much money maybe sitting in the bank account

Being a company director

Understanding your role as director of a limited company and your responsibilities to Companies House.

www.gov.uk

 

[Chris Ashdown]

Why don't you call a board meeting to sort things out, you seem to like the title but not the responsibility

 

[Lisa Thomas]

Do you mean personal with significant control, rather than significant person? This relates to the shareholder/s with controlling interest, not Directors.

 

[Legaleze]

As Lisa Thomas points out, the status of "person with significant control" is distinct from that of director. A director may or may not be a PSC.

Surely the real issues for you are: (i) why don't you resign as a director as it seems you are not the last person standing?; (ii) if for some reason you cannot resign, is the company still required for any purpose; and (iii) if not, convene a board meeting and consider "tidying up" the company, e.g. ensure there are no creditors, possibly return any surplus funds to the shareholders and apply for the company to be struck off on a voluntary basis.

You could simply allow the company to be struck off by default but that is not great for your record as a company director.

 

[eteb3]

Why would he do that if still holding shares and controlling the accounts?

controlling the accounts ~= he's a director (as others have said)
PSC = owns >=25% of voting rights

The only way he can cease to be PSC is if he's sold his share. Then the company (not he) must file the notice of cessation - and if it doesn't the company 'and every officer of the company in default' (that means you) commits an offence.

Sounds like you are also an officer in default (and so committing an offence) if the cessation of PSC notice was wrongly filed - bc it's the company, which as a director you are controlling, that has a duty to keep the info accurate and up to date.