Hi I am a Director of a small building company which consists of just myself and another who acts as the company secretary. We are in a position where we owe a total of just over £18k split between the Inland revenue and the Vat man which due to lack of contracts we are unable to pay. We have no company assets. Is it true that they can seek to obtain the money owed from any personnal assets (house) we may have ? I was under the impression that as it is limited company and if the company went bankrupt the debts would be delt within only the company. Any help would be appreciated regards kevin
Your spot in in your assumption. The only thing that can throw a spanner in the works is if you have either signed something to amke yourself liable (like a personal gaurantee) or if whenthe company is wound up it is decided that you have removed funds that contributed to the insolvency of the company
company debts ..is my house safe
Posted - 23 July 2009 : 16:23:34
