| Author: |
|
Mrs. B |
| Date: |
|
August 14, 1999 |
| Question: |
|
What would happen if I invested £50,000.00 into a
company(I was a director), and it failed. We owe roughly £200,000.00.
This company was limited, I am wondering what will happen to my other
business which is a cafe and we have a leasehold, and also a house.
|
| |
|
|
 |
From: |
|
Shane Brenneis, Collins Barrow Limited |
| Date: |
|
August 17, 1999 |
| Answer: |
|
If the company has failed then I would imagine you would lose your 50,000 investment. If you are a director, you may be responsible for outstanding payroll, GST and source deductions as well as any debt you personally guaranteed. How this would effect you personally would depend on your personal finances.
You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy" to obtain a free assessment of your financial situation.
If you have any further questions or want to come in for a free assessment to our office, please call or email me using the information below.
Shane Brenneis
phone: (403) 298-1575
sbrenneis@collinsbarrow.com
|
|