Limited Liability and Credit Rating

need advice

I really need advice, I was a director on a limited company that is in debt, when I say im was a director I have submitted my letter of resignation from the of directors in December 2009 but the person who deals with the companies office is out on sick leave and therefore the letter of resignation has never been sent off to the companies office.
I was just wondering if the company starts the winding procedures and the directors pay their limited liability fee as stated in the article/ memo of association will each individual directors credit rating be affected. And how will it affect each individual member in other legal/financial ways. and does my letter of resignation stand since it hasn't been sent to the companies office.

thanks

dbran

Hi

Firstly if you have handed in your resignation then it is up to the company secretary inform the CRO within 15 days on the prescribed form b10 and your resignation would stand. It would probably need to be noted in the minutes of the meeting of the directors.

However a company cannot have less then two directors at any time. You may not resign if this causes the number of directors to fall below this number.

How it will affect your credit rating is a matter for the lenders to decide.

Ordinarily you will only be liable for the amount you have contributed as share capital. However in certain circumstances where you have been trading recklessly you may be personally liable for some of the company's debts.

Kind Regards

dbran

ABEasy

File a form B69, this can be downloaded from www.cro.ie . This will remove you as a director.

dbran

ABEasy wrote: »

File a form B69, this can be downloaded from www.cro.ie . This will remove you as a director.

Yes this is correct and you may wish to file a B69.

However this is usually only filed by formation agents who only became directors for the sole purpose of initially forming the company.

They would normally have had no role in the running of the company afterwards and are allowed to file this form in the event of the actual owners of the company failing to respond and register their resignation as directors.

If you have been actively involved in running the company as a director in the past, or if you are actually an owner or substantial shareholder of the company, this form may not be effective.

Kind Regards


Dbran

need advice

Hi Guys thanks, the main reason the letter of resignation has never went through is because i held the position of company sec and the chairperson is the person off on sick leave. do any of use think that this who situation will affect my personal credit rating, this is my main concern.

ABEasy

Shouldn't unless you have given personnal gaurantees for company borrowings and you default upon the gaurantee.

need advice

thanks alot guys, i was starting to get really worried about the whole situation.

Dymo

Something along the same lines, I'm an employee as well as a director of a company and as I'm getting no wages for the past couple of months can I just resign as an employee of the company. I'm after doing my P35 last week and for the few thousand I paid in Income Tax and Prsi I can't see any benefit in being an employee. Can I just work as an unpaid director full time.