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Thread: Director deceased just after company registration

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    Director deceased just after company registration

    So last year myself and someone else were about to embark on a business venture together. I registered the company (50/50) and 6 days later he had a fatal heart attack.
    There was no transfer of money of any sorts into the business or anything. Effectively the only thing done was the registration.
    I've basically decided that I'm not going to do anything with it, which is quite a shame but that's a story for another day...

    I don't really want to bother his family or anything for documents etc. I was wondering if there was anything wrong with my plan of just "leaving" the company and letting it automatically deregister in 2.5yrs from now due to lack of financials being submitted? Seems to be this is most cost effective and provides me with 2.5 years to change my mind.

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    Full Member PlatinumWealth.co.za's Avatar
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    The easiest would be that CIPC deregister the company automatically after 2.5 years if no annual returns are submitted.

    But if you do decide in the mean time to use the company, then you would still have to bother the family, even maybe after the estate has been wound up.

    The best would be to contact the executor of his estate, and let the executor resign as director of the company. There is no fee for this at CIPC if I am correct.

    Maybe his directorship can even slow down the winding up of the estate, one never knows.
    The JSE Investment and Trading Forum - PlatinumWealth.co.za

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by PlatinumWealth.co.za View Post
    The best would be to contact the executor of his estate...
    I'd certainly agree with that as a first step.
    The trouble with opportunity is it normally comes dressed up as work.

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