IVA Glossary
C
Connected Persons
Connected persons within a company are those persons who have and share control over administrative, financial and managerial aspects of that company.
A trustee of a settlement may be connected to another person who has a direct involvement with the respective settlement, thus they become "connected persons". Also, a trustee may become connected with another professional who is at his turn connected with an individual who has direct involvement with the settlement. A close company whose participators include the trustees of the settlement may become "connected persons" with the initial mentioned trustee.
Any body corporate controlled by a company within a close company whose participators include the trustees of the settlement may become connected persons with the initially mentioned trustee. As seen, persons can become connected through the fact that they share common interests and goals within a certain company. The meaning of "connected persons" is displayed and discussed in detail in the Companies Act of 2006. For example, it can be said that a company is connected with a director, only if that director holds shares exceeding 20% within that company (and equity as well). The Companies Act of 2006 also states that an individual cannot be connected to a director, unless this person is a relative of the director's immediate family.
A trustee of a settlement may be connected to another person who has a direct involvement with the respective settlement, thus they become "connected persons". Also, a trustee may become connected with another professional who is at his turn connected with an individual who has direct involvement with the settlement. A close company whose participators include the trustees of the settlement may become "connected persons" with the initial mentioned trustee.
Any body corporate controlled by a company within a close company whose participators include the trustees of the settlement may become connected persons with the initially mentioned trustee. As seen, persons can become connected through the fact that they share common interests and goals within a certain company. The meaning of "connected persons" is displayed and discussed in detail in the Companies Act of 2006. For example, it can be said that a company is connected with a director, only if that director holds shares exceeding 20% within that company (and equity as well). The Companies Act of 2006 also states that an individual cannot be connected to a director, unless this person is a relative of the director's immediate family.
