Liquidisation

[help needed]

Could someone give me some advice,

I resigned as a company director 18 months ago, and now this company has gone into liquidisation,

could i be liable for any debts from this company.

When i resigned from the company, it had just signed a 2m per annum contract, but at that time we were trading at a loss of approx 160K,

The other directors asked me to sign off my directorship and give them my shares in the company at this time

so could i be liable now

[RWA]

It all depends on what type of company it was.

[bumfluff]

I'm not too up on the different types of business model, but as far as I know, if you've resigned as director (and hold no other similar post, like secretary) then I don't think you can be held liable. If your shares have been re-allocated, then I'd guess all the paperwork to confirm your resignation has gone through to Companies House fine and you're no longer part of the company (or at least not in a role where you'd bear financial responsibility). At any rate, if you were a director, then liabilities incurred by the business shouldn't really affect you personally. That's my initial take on it anyway.. hopefully others can agree, disagree or clarify more

[help needed]

The company was limited company,i was also company secretary but resigned when i resigned as director, my shares were redirected amongst the other directors and this was shown on companies house

[bumfluff]

Then you should be safe for a couple of reasons. One, you're not a part of the company. Two, a big benefit of a limited company is that the business is considered a seperate entity to the directors - so basically directors aren't personally liable for the company's debts (unlike say, a sole trader). Unless you were involved in anything dodgy during your time there, you should be safe enough.

[Steve-H]

As bumfluff says you are in the clear. The limited company is the one with the liability for its debts and not the directors. Just so long as you did nothing illegal during your time there and you never secured any of your personal assets against borrowing for the company. Shareholders liability is only to the extent of their holding so if you did still hold shares they would simply become worthless if the company is unable to cover all of its debts.

Basically you have nothing to worry about.