Liability of Director in case of Company
This query is : Resolved
04 July 2008
Mr. A is a director of XYZ company. now the company has not sufficient fund to meet all its liabilities so the creditors sued against director to give their personal assets to overcome the liabilities of the company.
Is it possible in any how ?
If yes then please specify case or no then also please specify case ?
Should we consider it under sec. 179 of the Income tax Act or not ?
Is it possible in any how ?
If yes then please specify case or no then also please specify case ?
Should we consider it under sec. 179 of the Income tax Act or not ?
04 July 2008
Section 179 comes into picture only if the company is liquidation That too only for taxation. Even then if the director shows that he was not negligent he can not be made personally liable. Nprmal creditors can not sue a director for recovery of dues by the company, unless he has given personal guarantee in respect of such dues.
04 July 2008
but i want a cse i this regards
17 June 2023
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