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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11554
Experience:  30 years as a practising solicitor.
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A colleague is a 40% shareholder and sole Director. He wants

Resolved Question:

A colleague is a 40% shareholder and sole Director. He wants to resign and walk away, there is an o/s debt that prob will need to be settled. Can he just resign and walk away.?
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you question.
He can do so provided that he has not signed a personal guarantee debt. If he has, he is personally liable debt if the company doesn't pay it. If there is no personal guarantee he can resign and walk away.
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Customer: replied 2 years ago.

Thanks very much - will Companies House eventually strike off & wont he be breaking Co House rules.?

Customer: replied 2 years ago.
Relist: Answer came too late.