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tony1941 | 15:53 Sun 07th May 2006 | Business & Finance
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if a company is forced in to liquidation, for how many years is are the company directors liable for debts?

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Avatar Image jason1980
Hi...

With a company, in legal terms the business is to be treated as a seperate entity from it's shareholders/ formers. In liquidation you are not responsible for the comapny debts. It is the company going bankrupt or to be disolved and not your own bankruptcy.

If you were a sole trader then the business is not to be treated as a seperate entity and you will always be responsible for the business debts unless declared bankrupt.
17:59 Sun 07th May 2006
Avatar Image Oneeyedvic
If you have signed personal guarantees, then you are liable these until you either settle the debt or are made bankrupt
19:16 Sun 07th May 2006

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