Am I Liable for Company Debts?

 

 

 

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When can a company director be held personally liable for company debts? Now we all know and understand that limited liability company status offers valuable Protection to directors however there are certain situations where limited liability can be disregarded leaving the director personally responsible and ultimately liable for repaying those company debts so let's have a look and headline some of these situations.

So the first one being overdrawn director's loan account when the director signs a personal guarantee or PG debts in the business that have accumulated due to fraudulent means such as taking on credit when you knew you couldn't repay that credit director misconduct continuing to pay shareholder dividends whilst the company is insolvent withdrawing or using company funds for non business activity this is an offence known as misfeasance and disposing of company assets at undervalue or no value so these are just some of the various situations that can mean you are personally liable for company debts as a director if you're concerned about any aspect of director personal liabilities then please call me or the Real Business Rescue Team on the free phone number or click the link below.