A company does not ordinarily cease to exist merely because a shareholder or director dies. The consequences depend on whether the deceased person was a shareholder, director, sole shareholder or both.
Death of a shareholder
Shares form part of the legal succession process. Once the person legally entitled to the shares is established, the company must follow the applicable transmission and shareholder-register process.
CAMIS specifically supports share transfers or succession after death as a post-registration company event.
Single-shareholder company
The Companies Act contains special provisions for a single-shareholder company. OCR states that, following the sole shareholder’s death, the lawful successor should inform OCR with supporting evidence within the prescribed period and complete the transfer/recording process.
Death of a director
If a director dies, the resulting vacancy is filled according to the Companies Act and the company’s Articles. If the deceased was also a shareholder, the directorship and ownership issues should be handled separately.
Business continuity
Companies with concentrated ownership should plan for succession through clear Articles, shareholder arrangements, wills and corporate records rather than leaving ownership and governance unresolved.