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1. It is a fundamental rule of company law that you cannot pay a dividend on shares that have not been paid for. So, if there are shares which still have not been paid for, then you cannot pay a dividend on them. The shares must first be paid for before their owner can receive any dividend. Similarly, a dividend cannot be paid on uncalled up share capital. The consequences of a shareholder declaring and paying himself a dividend but the share capital remains unpaid is that there has been a fraud on the company and the shareholder has essentially stolen the property of the company. It is the same as if the director simply pillaged the company money. It is just unwise. Far better to simply pay up the £100 on the shares and do it properly thereby running the company in accordance with good corporate governance.
2. Ultimately if this state of affairs came to light, the director would get prosecuted for breach of company law.
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4. Essentially, you should now pay up the shares and then re-declare the dividend. This will correct it for corporate governance requirements. People make mistakes all the time and the best thing to do is to realise that a mistake was made and to correct it. It makes no difference that it is a private limited company. The downside if you don't correct it is that you might firstly, lose the protection of limited liability if you are seen to ignore the proper running of the company. The classic statement is that limited liability is not like a drawbridge, where you raise and lower it at your convenience. Secondly, if your company has a creditor who is unpaid, the creditor might seek to get a receiver or liquidator appointed who would then reverse the dividend and obtains its recoupment. So, remedy it as soon as possible.
5. That is not correct. I don't know who you spoke to but they are not a lawyer. secondly, if you re-declare the dividend you will have to incorporate it into the current fiscal year for the company.
6. Yes, you need to restate the accounts for the company.
7. For a partly paid share, if 20p was paid in the £1 on the share, then a fifth of the dividend declared per share would get paid to the person holding this share. So, if a 10p dividend was paid, this shareholder holding the share would get 2p.
8. I would suggest you speak to an accountant about re-declaring or altering accounts. Be aware that a set of accounts must present a "true and fair" position, so making false entries retrospectively will not be what most accountants will be very keen on.
9. If you the accountant, I would advise you to stay within the law. Don't account for something that isn't correct in fact.