question category: Other Debt Questions

Am I liable for Ltd company debt.
Submitted on: 9th Apr 2010 by Non-Member | Total Answers: 1

I was a shareholder in a now officially closed Ltd company. Since it's closure an unpaid debt has arisen. There was no personal liability accepted when the loan (car finance) was taken out, but the finance company are asking me to pay. The car has long gone so they cannot take that. Where do I stand?

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Re: Am I liable for Ltd company debt.

Assuming that there was only a nominal value to your shares such as 1p or 10p and assuming you were not negligent in taking out this finance when you knew the company was already insolvent or close to insolvency, then you will only be liable to repay the value up to the total value of your shareholding. However, if this is not the case then you may be liable to repay some or all of the loan and will need to seek more specialist advice.

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

Submitted on: 13th Dec 2010 by TA Member

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