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Unamended model article

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Reference no: EM133329700

Question

An individual is a director and shareholder in a private limited company with unamended Model Articles. The individual wishes to sell their vehicle to the company for use in its business at a price of £40,000. The net asset value of the company is £250,000.

The seeks your advice as to whether they can enter into the transaction immediately or whether further steps are required.

What is the best advice for the individual?

Reference no: EM133329700

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