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Disqualified as a director and now worried I will be liable for debts

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Disqualified as a director and now worried I will be liable for debts

I am concerned with regards to a company that I was a director of. It went into liquidation 3 years ago. The other director was disqualified for 6 years and myself 2 years. I was disqualified because I had had no involvement. I am now really concerned that I could be liable for the debts of this company should it be found out that the other directors management of the company was not in the best interest of the company. Can you advise?


Answer

There are various provisions of the Insolvency Act 1986 that can lead to a director being ordered to repay monies to a company in liquidation (or administration) where they were a director and have seriously mis-managed the affairs of the company. Some of these are specific and others are much more general.

To advise you properly we would need full information regarding the management of the company, what caused its demise, what (if any) specific allegations are made against the other director and full particulars of any claim already notified. However you are very unlikely to be personally liable for the debts of the company (as opposed to being ordered to contribute to its estate) as there are very limited circumstances in which the corporate veil can be pierced.


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