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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11129
Experience:  30 years as a practising solicitor.
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I am a Non-executive Director and Shareholdr in a company.

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I am a Non-executive Director and Shareholdr in a company. We are in serious financial trouble in that the bank is pulling invoice financing and we are having to go with another company we are going to have to do directors guarantees and I don't want part of it... Is it possible for me to resign without issue???
Submitted: 1 year ago.
Category: Law
Expert:  JGM replied 1 year ago.
Assuming you have not granted any personal guarantees so far, you are free to resign as a director without any form of personal liability. If the company trades whilst insolvent, any future liquidator can examine the director's actions and seek a personal contribution towards the company's indebtedness, so if you don't agree with the decisions that are being taken by the other directors you are as well out of it now. Happy to discuss further. I hope that helps. Please leave a positive rating so that I am credited for my time.
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Customer: replied 1 year ago.
Ok thank you I would stay as a shareholder though as other shareholders are not in a position to buy my shares..
Expert:  JGM replied 1 year ago.
Yes, there is no prejudice to you keeping your shares.
Customer: replied 1 year ago.
Thank you, ***** ***** decisions to make now