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A public limited company will always end its legal name with the suffix ‘PLC’. For example, Marks and Spencer PLC.
PLC designates a company that can offer shares of stock to the general public.
The buyers of those shares have limited liability, meaning that they cannot be held responsible for any business losses in excess of the amount they paid for the shares (as long as those shares are paid in full).
The operations of a PLC are regulated and public companies are required to publish periodic reports to shareholders and prospective shareholders on its true financial health.
UK company law says that a PLC must have the ‘PLC’ designation after the company name and a minimum share capital of £50,000. PLCs offer various types of shares, such as ordinary and cumulative preference shares.
[See ‘PLC’.]
An owner manager is a person who both owns the company (as a shareholder/ member) and manages it (as a director). When they act as a director this is sometimes called acting ‘qua’ (as a) director (it’s Latin). When they act as a shareholder this is sometimes called acting ‘qua’ shareholder.
Decisions from creditors in formal insolvency are required for a variety of reasons, including the appointment of an officeholder; for example, a Trustee in Bankruptcy or Liquidator. There are also statutory requirements for such meetings; for example, annual meetings following a Liquidator’s appointment, and final meetings, etc.
There are no physical meetings of creditors in insolvency proceedings, unless they are specifically requested by 10% in value of creditors requesting one, 10% in number doing so … or 10 creditors so requesting.
