Home Forums Money matters Transfer of shares from one owner to another in divorce

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  • #991599
    PlanJapan
    Member
    • Total posts: 41

    Hi, as you got from the title, I have some divorce proceedings to deal with.

    I have magistrate orders for my ex to transfer his share in the company held in both names to me, and resign as a director.

    The lawyer advised me I should get an accountant for that. To be completely honest, I am wondering how I could do it myself. The company hasn’t traded yet, so is valued at very little, and I have already spent untold thousands on the divorce.

    I have called ASIC and they told me I need to send the 848 form to advise of changes to share structure. I know I need him to sign a Director’s Resignation. But does he need to give me some formal “transfer of shares” paper? Any advise would be gratefully received. I will also consider a reasonable offer to do it by a qualified accountant, if it is complicated.

    Thank you!

    #1182219
    James Millar
    Participant
    • Total posts: 1,702

    The form is a 484 and you need to complete Section B1 for cessation of office holder. If you are not a director you need to be added under section B2. For the share transfer you need to complete section C4. This can be done online via ASIC if you are game. http://asic.gov.au/regulatory-resources/forms/forms-folder/484-changes-to-company-details-for-australian-companies/

    Documenting the share transfer. A simple document outlining the transferor and transferee agreeing on the transfer of XX number of ordinary shares in ABC Pty Ltd with A.C.N on X date. Signed by both parties and witnessed. Given the circumstances your lawyer could probably draft this for you if concerned. That being said you have a court order which demonstrates a requirement for the transaction to occur so I would suggest you are in a robust legal position with a basic share transfer document.

    We charge about $125 Exc GST for the entire process including 484 and transfer document. Pretty cheap and probably worth the expense for peace of mind.

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
    #1182220
    PlanJapan
    Member
    • Total posts: 41

    Thank you James, much appreciated. I will probably take you up on that offer, I don’t want to deal with any repercussions of making a mistake on the forms, in the future.

    #1182221
    James Millar
    Participant
    • Total posts: 1,702

    No problem we would be happy to assist you. I can be contacted directly on 03 9005 4901 or jmillar@360partners.com.au and I’ll run through what is needed. Regards James

    Helping build better businesses and better lives with expert financial and taxation advice. info@360partners.com.au www.360partners.com.au 03 9005 4900
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