In Shah v Targetstock Limited CR-2023-002366, 25 May 2023, ICC Judge Greenwood, the facts were as follows:
Mr Shah died on 25/2/23. Mrs Shah, his wife, died on 15/7/21.
The shareholders of NRK Medical Limited (“NRK”) were Targetstock Limited, the defendant (a non-trading company), with 2,999 shares and Mr Shah who held 1 share as nominee for the defendant.
The shareholders of the defendant were Mr Shah and Mrs Shah, each holding 25 ordinary shares. On her death, subject to the grant of probate, Mrs Shah’s shares in the defendant devolved upon Mr Shah.
Mr Shah was the sole director of both NRK and the defendant.
Under Mr Shah’s will, his residuary estate, which included his shares in the defendant, passed to the claimants, his children and executors. It was anticipated that application would be made for probate by the end of May 2023. However, given the delays at the Probate Registry, it seemed likely that there would be no grant for months. Probate was applied for in relation to Mrs Shah’s estate on 5/7/22 and some 10 months later the grant was still awaited.
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