I would like confirmation of my obligations to the business as a shareholder and wether I am required to be involved in the liquidation process.
I'm being asked to sign and personally guarantee the liquidators instruction.
I resigned as a director 12-11-12
I believe that the liquidators are looking for a personal guarantee of their fees, £5000 in total.
The existing management of the business has transferred the "goodwill" into another business in return for employment. They had attempted to wind up the company and have settled 95% of debts. Unfortunately a number of customers have taken the opportunity to not pay their debts as they no longer feel obligated. Some creditors have taken their debts through the courts and it is this pressure that has led to the liquidation.
I've been told that the company (before bailiffs fees etc) owed £22500 and was owed £18500, with £4000 of the owed element disputed.
So the liquidation process has been instigated by the one remaining director, who is also a shareholder, and another of the shareholders. Three shareholders in total with 33% ea