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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32177
Experience:  Over 5 years in practice
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Five years ago I was involved, as a Director and 33% shareholder

Customer Question

Five years ago I was involved, as a Director and 33% shareholder with two others (husband and wife) in a limited company ("the company") start up. The landlord of the premises which the company used insisted (fairly, I think) that the lease (10 years @ £65,000 p.a.) was drawn up between his property company and myself plus one other named director. I have ceased to become involved and have divested myself of my directorship and my shareholding (which has been sold in equal parts to the husband and wife.) In return for this divestment it was agreed that my personal guarantee would cease; a clean break. I have now been issued with an "Indemnity" between "the company" and myself which purports to indemnify me against "all liabilities, claims, damages, costs and expenses which arise after the date of (my) resignation as a director of The Company in relation to or arising out of the Lease." Since the company is limited, can it be in a position to offer such an indemnity ?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.
For now please let me know why this isn't from the other directors please?