resigned as director .....how long am i liable for the business?


M

Mick Miller

If i resign as director of a company 50/50 split.....shares still
there

how long am i liable fror the company??

the company is not in any debt other than normal operating......

what if the other partner goes out there way to make it fail........
 
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J

Jonathan Bryce

Mick said:
If i resign as director of a company 50/50 split.....shares still
there

how long am i liable fror the company??
Liable for what?

If you signed a personal guarantee for company borrowings, then until you
are removed from the guarantee.

If you are involved in fraud, then indefinitely.

Otherwise you were never liable for anything.
 
M

Mick Miller

Liable for what?

If you signed a personal guarantee for company borrowings, then until you
are removed from the guarantee.

If you are involved in fraud, then indefinitely.

Otherwise you were never liable for anything.

company has no borrowings.......except the overdraft.....which the
company does not use.

so if my partner puts the company into debt now..........its there
problem?
 
D

Dave

company has no borrowings.......except the overdraft.....which the
company does not use.

so if my partner puts the company into debt now..........its there
problem?
Higher up Johnathon says:

Think back to what you might have signed guaranteeing debts.
That's YOUR problem.
 
M

Mike Lewis

Think back to what you might have signed guaranteeing debts.
That's YOUR problem.
I think you need to get the overdraft and any other borrowing facilities
cancelled before you resign.
 
R

Rhoy the Bhoy

Jonathan Bryce said:
Liable for what?

If you signed a personal guarantee for company borrowings, then until you
are removed from the guarantee.

If you are involved in fraud, then indefinitely.

Otherwise you were never liable for anything.
"were never" ? Wot, never ?

Well, obviously, as I said before, like, all credit to keeping it
simple, but at the end of the deh, a director's possible liabilities
may be more onerous than that.

Probably not in this case, though, if everything was hunky dory prior
to the resignation.

(uk.legal added)
 
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A

Assetlink Consulting Corp. Ltd

ensure that you file the 288B with the registrar of companies.

RK
 
R

Richard Wilcox

Assetlink Consulting Corp. Ltd said:
ensure that you file the 288B with the registrar of companies.

RK
No, No, No.

A form 288b must be signed by a serving director or secretary,
therefore you cannot sign your own resignation because it is the
notification of an event that has happened.

Richard
 
M

Mick Miller

No, No, No.

A form 288b must be signed by a serving director or secretary,
therefore you cannot sign your own resignation because it is the
notification of an event that has happened.

Richard

was advised by companies house i could as the remainder director would
not sign

was told as long as i am actiing you can resign the next day
 
J

John Robinson

was advised by companies house i could as the remainder director would
not sign

was told as long as i am actiing you can resign the next day
You can sign your own resignation because at that moment in time you are
STILL a serving director. The moment you sign you cease being a director.
The two dates need to be the same or the 288B would not then be valid.

All above per CH!

John Robinson
 
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R

Richard Wilcox

John Robinson said:
You can sign your own resignation because at that moment in time you are
STILL a serving director. The moment you sign you cease being a director.
The two dates need to be the same or the 288B would not then be valid.

All above per CH!

John Robinson
CA1985 section 288 states (astericks inserted by me):-

....(2) The Company shall, within a period of 14 days *from* the
occurance of

(a) any change among its directors of in its secretary, or
(b) any change in the particulars *contained* in the register

send to the registrar of companies a *notification* in the prescribed
form of the change and of the date...etc"

It should also be noted that forms 288 have the words "a serving
director, secretary etc must sign the form below."

In other words forms 288a, b & c are notifications of events, not the
events themselves. It is a very common misconception.

However, it is correct that Companies House will accept self-signed
resignations. Any dispute arising therefrom would be between the
company and the resignee.

Richard
 

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