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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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I was a voluntary trustee and treasurer of a charity. The charity

Resolved Question:

I was a voluntary trustee and treasurer of a charity. The charity folded through lack of funds leaving a large debt. Am I liable as a trustee for this debt.
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.

Alex Watts :

Hello my name is XXXXX XXXXX I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.

Alex Watts :

Before agreeing to be a trustee you should consider whether you are willing to take on the responsibility. Trustees are personally liable to the trust and to the beneficiaries and any breach of trustee duties, either by you or another trustee, may give rise to such liability. You should ensure that you obtain professional advice to protect yourself before making decisions that you do not have the knowledge or skill to make.

Alex Watts :

It is possible for trustees to take out trustee indemnity insurance. This provides cover if the charity suffers a loss as a result of the trustees' negligence, but not deliberate or reckless wrongdoing. Nor does it provide protection against insolvency.

Alex Watts :

Can I clarify anything for you about this today please?

Customer:

So it sounds as if I am liable. What if I am unable to pay, and it doesnt seem fair if I have to foot the bill because as treasurer the only phone number and address they have is mine. They have listed all the trustees as living at my address!

Alex Watts : All trustees would be equally liable.
Alex Watts : This is assuming you are not limited by guarantee.
Alex Watts : Can I clarify anything for you?
Customer:

Thank you, XXXXX XXXXX not need anymore help.

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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