To be used in the context of the sale and purchase of the entire issued share capital of a private company, where the buyer requires some (or all) of the target company’s directors to resign on completion of the transaction. This is a common requirement in UK transactions, as the buyer will usually want to replace the current directors and/or company secretary with its own.
A letter of resignation by a director of a company includes an acknowledgement that the resigning officer has no claims outstanding against the company and a waiver of any claims that may exist.
Filing: Notice of the resignation must be given to the Registrar of Companies within 14 days (section 167 of the Companies Act 2006). The relevant form to use for this purpose is Form TM01.