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If I am a director of a company in compulsory liquidation, will I have to personally pay any of the companys debts?

April 26, 2017COMPANY compulsory debts director Liquidation pay personally

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If I am a director of a company in compulsory liquidation, will I have to personally pay any of the companys debts?

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It is highly unlikely that you will have to contribute any funds personally as you will be protected by the limited liability status of the company. However, if you have guaranteed any debts then this guarantee may be called on. In addition, you may be pursued by a liquidator if you have been in breach of certain insolvency regulations, for example, you are deemed to have traded wrongfully.