Closing Limited Company? Question: if a limited company go bang and still owe

Question: if a limited company go bang and still owe money to creditors what are the implication for company secretary and directors of the company.

Also can the company close without the personal assest of the dierctors and company secretary individual touched.

the whole point of a fixed company is that the liability of the shareholders of the company for debt is limited to the appeal of the shares

assuming the secretary and directors are shareholders then their shares are the constraint of their liability

if they are not shareholders then their liability is nil

if, as you would expect, they have committed some crime - eg fraud - consequently obviously here will be penalties for that

also if the liquidators believe that the company be mis-managed with intent to defraud in that will be additional penalty

I believe it depends on the character of your debenture with the ridge.

Usually, if money is owed to a bank (if this is whom you are refering) they will want to put your company into control if non-payments persist beside the bank loan. They will want to in safe hands any company assets invested in by the company to reclaim some of their lost means.

I believe that it may be unusually, if not impossible, for the edge to ask for your house or other personal assets as a Limited Company becasue of this status, but you have to look fundamentally carefully at your debenture that you signed as wish advice.

If you are refering to creditors who you owe stipend for 'stock' acquired through them, this practice might be similar, but remember that your 'name' may be applied to the credit hint agencies depending on how you set up such contracts.

I too am going through similat crap because of my bank.

Respond if your still not sure.

as below, the directors, may have also given personal guarantees on forms of borrowings, which they would be intuitively liable for, such as a bank overdraft.

Answers:
A limited company have limited liability, the personal assets of the Directors cannot be touched unless it is a covering fraud in which skin, the courts would decide.

See www.companieshouse.gov.uk for the complete directory on company dissolution and the rights and responsibilities of the Company Executives
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