16 February 2006
Our local football club client operates through a limited company. In August 2001, it invited individuals to subscribe for £50 shares; £10 payable on application and further payments of £10 to be made yearly thereafter until August 2005. More than 50% of the shares are owned by three individuals, so the company is 'close'. Fortunately, these three individuals all paid the total sum for their shareholding in 2001, as did a number of other shareholders.
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