Director's removal 10 / 12

There are 3 main methods

Retire by Rotation

At AGM, every 3 years

  • Longest serving director retires first

  • Means a nice phased retirement of directors

  • Directors can be replaced in an orderly manner

Termination

  1. Death

  2. Resignation

  3. Not seeking re-election (see above)

  4. Bankruptcy

  5. Disciplinary procedures

Disqualification

The reasons can be:

  • Wrongful trading - allowing the company to trade while knowing its insolvent

  • Not keeping proper accounting records

  • Failing to prepare & file accounts. 3+ defaults in filing documents in 5 years

  • Failing to send tax returns and pay tax

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