I was working with a ltd company. they made me resign from the company & formed a new pvt ltd company with me as director. 99% shares are with me. all the funding was from that ltd. company. now the company is going to close for some reason. it may be taken over by some other company or banks may liquidate it. there is a loan given by that ltd company to pvt ltd company.
Now i want to know what would be my liability as a director & as a 99% shareholder.
As a Director , you wont be liable for the loan personally simply because of the fact that Company has a separate legal entity from its Directors.there might be possibilty companys assets may be attached to pay off the loan.
Even as a shareholder, you are not liable.So no issues whatsoever.
Other views are solicited.
You are liable as director only in case of fraud/ negligence on your part. Otherwise company is a seperate legal entity apart from directors/ shareholders.
And being a shareholder, you are liable for unpaid amount in respect of shares held by you and not for any other amount.
Regards,
Neha
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