question category: Other Debt Questions

am i liable?
Submitted on: 7th Sep 2010 by Non-Member | Total Answers: 1

I bought 50% shares in a ltd company my parner has withdrawn considerably more funds than me.I have now learned that he was owed money from the company before I signed up which I was not made aware of at the time is he entitled to take the money even though it was before I joined up and even though I was not made aware of it when joining the company?

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Re: am i liable?

When a Limited Company is bought, as long as the purchaser is not misled, it is their responsibility to take due diligence to ensure they are aware of the full financial situation of the company they are buying into. There may be a formal shareholders agreement that might clarify the situation regarding what was bought into which should be accessed if possible. Otherwise it may be necessary to take legal action against the other directors of the company. If there is a suspicion that one of the directors has made improper use of directors’ loans then Companies House could be asked to investigate to matter.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 20th Sep 2010 by TA Member

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