The difficult task of managing what happens when a shareholder passes away, including the management of the deceased’s shares and estate, is often overlooked by company members (shareholders). Perhaps this is because of its morbid nature, or that it is just not a priority amongst all the other day-to-day needs of the company.
When a shareholder dies and if there is a valid wird, the shares of the deceased person are dealt with by the executors of their estate. If there is no valid will, the administrators under the Intestacy rules will deal with the shares. Executors and administrators are referred to as ‘personal representatives’ (‘PRs’).
The subsequent handling of the shares then depends on the terms outlined in a shareholders’ agreement (if there is one), the company’s articles of association, and the ages of the beneficiaries who inherit the shares.
Vereinbarung der Aktionäre
The first reference point in determining the next steps, is if a shareholders’ agreement exists which relates to the shares in question. If there is an agreement, it may include rules about what happens to those shares in the event of a shareholder’s death, including rights of first refusal for existing shareholders. Shareholders may have included provisions to prevent family members from becoming shareholders in a business they know nothing about or to stop the sale of a deceased shareholder’s shares to third parties, thus protecting the interests of the surviving shareholders. The shareholders’ agreement may include rights (known as ‘pre-emption rights’) that entitle the remaining/existing shareholders to purchase the deceased shareholder’s shares before anyone else. There may also be an option agreement triggered on death, which allows the beneficiaries to buy out the remaining shareholders.
Ultimately, a well drafted shareholders’ agreement that includes specific provisions can be the difference between a smooth transition of shares and a whole host of rings to jump through.
Satzung (‘Artikel’)
Die Satzung des Unternehmens muss gleichzeitig mit einer eventuell bestehenden Aktionärsvereinbarung geprüft werden. In der Satzung werden die Regeln und Vorschriften für die Angelegenheiten eines Unternehmens festgelegt, einschließlich der Rechte und Pflichten der Aktionäre sowie der Verfahren für Versammlungen und Aktienübertragungen.
Model Articles (a standard template of articles which provides a default set of rules for the company) are often used in many English incorporated companies. It is also not uncommon for a company to have bespoke articles that have special clauses.
PRs müssen daher jede Satzung auf Bestimmungen zu Aktien überprüfen. In der Satzung sowie in einer etwaigen Aktionärsvereinbarung wird das Verfahren für den Umgang mit solchen Aktien festgelegt. Wenn der Gesellschaftervertrag und die Satzung einander widersprechen, müssen die PR prüfen, welche der beiden Bestimmungen Vorrang hat (häufig ist es der Gesellschaftervertrag). Wenn der Gesellschaftervertrag nicht regelt, was mit den Anteilen im Todesfall geschieht, bestimmt die Satzung, was dann zu tun ist.
It is clear from the above that close attention should be paid to specific provisions when drafting articles or a shareholders’ agreement.
Alter der Begünstigten
PRs should consider the ages of the beneficiaries to whom the shares are going to. If the beneficiaries are under 18 years of age, then there are a couple of options regarding the transfer process as to where the shares will be held such as in a trust or by the beneficiaries’ guardians.
Dauerhafte Geschäftsvollmacht (‘LPA’)
A business LPA is a document which can set out who is able to make business decisions regarding your business dealings on your behalf if you are unable to make such decisions yourself if you were to lose capacity. If you wish, a business LPA can also be used if you are overseas and you cannot be physically present, or if there is a medical condition making it preferable for someone else on your behalf.
Business LPAs können für eine ganze Reihe von Unternehmen verwendet werden, z. B. für Einzelunternehmer, Einzelunternehmen und sogar Personengesellschaften.
Overall, a business LPA can be a helpful planning tool to ensure that your business does not suffer in the event you become incapacitated. If you lose capacity and do not have a valid LPA, it would then be down to somebody to apply to the Court of Protection to manage your affairs on your behalf. It is likely that this application would be made by a family member who may not be the best person to make decisions about your business.
Wie wir helfen können
Thinking about the death of a shareholder is a morbid topic but not one that should be avoided. It is critical that the legal documents mentioned in this article, work for you in the way that you intended.
Bei RFB sind unsere erfahrenen Firmenwerbung team along with our Privatkundenteam arbeiten zusammen, um sicherzustellen, dass Sie die erforderliche fachliche Beratung für die benötigten Dokumente erhalten. Wenn Sie eine Aktionärsvereinbarung, einen maßgeschneiderten Gesellschaftsvertrag oder eine Unternehmens-LPA benötigen, wir sind hier, um zu helfen.
We can also advise you on the terms of an existing shareholders’ agreement or articles to help ensure that the appropriate provisions regarding a shareholders’ death/incapacity, are dealt with in the right manner.
Für weitere Informationen wenden Sie sich bitte an Sam Glascow unter s.glascow@rfblegal.co.uk oder 020 3961 3116.
Samuel Glascow
Rechtsanwaltsanwärterin
