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UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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Hello, Im in a bit of trouble. Im a 5050 partner (director

Resolved Question:


I'm in a bit of trouble. I'm a 5050 partner (director and shareholder) of a Limited Company, in the UK.

The current fiscal state of the company is as follows. There is enough cash and invoiced to pay march's bills but if the company were to wind up at the end of march it would cost an extra £5k to do so.

I want to resign. Will I be liable for any money after I resign as a director? Do shares come with any liability?

Will my status be effected if the company goes insolvent after I leave?

How can I protect myself before resigning?
Submitted: 3 years ago.
Category: Law
Expert:  UKSolicitorJA replied 3 years ago.

UKSolicitorJA : Hello,
UKSolicitorJA : unless you personally guaranteed any debt of the company, you would not be bound by such debts unless there was fraud. The company is a separate legal entity from shareholders and directors. You would only have to pay any unpaid share capital and your liability as a shareholder is limited to the value of your shares.
UKSolicitorJA : You cannot do anything to protect yourself personally, you may simply go ahead and resign if that is what you want.
UKSolicitorJA : your status is not affected.
UKSolicitorJA : I hope this helps

Can you tell me about directors of companies that go bust?

UKSolicitorJA : Directors may be personally liable if they engage in wrongful trading and right now, you are under a duty to minimise losses to the creditors of th
UKSolicitorJA : e company as you are aware of the company's precarious financial posiyion
UKSolicitorJA : position
UKSolicitorJA, Solicitor
Category: Law
Satisfied Customers: 4312
Experience: English solicitor with over 12 years experience
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