asked 8 years ago

im a partner and we are both directors of a company that has gone bankrupet.i also own another company on my own that is not bankrupet.will this effect my company that is not partner has nothing but i have assets that have nothing to do with the company that has gone bankrupet.does this mean they will seek paymeant from me or is it only the company that has gone bankrupet.

1 Answers
answered 8 years ago

It depends on the legal status of the companies. If either is incorporated, then that company has its own legal personality and the directors will be protected (save any personal guarantees) by something called limited liability.
If neither entity is incorporated and you took the loans out in your name then your creditors will more than likely look to realise assets from your other company.

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