I am currently a company director,If i am sued for bankruptcy ,what happens to my business,can I work,?

I have a boy and a girl,Girl is studying Law in NUS,My boy is studying in the secondary school.please advice.Thank-you

This entry was posted on Friday, April 24th, 2009 at 12:50 am and is filed under Bankruptcy Law. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

2 Responses to “I am currently a company director,If i am sued for bankruptcy ,what happens to my business,can I work,?”

1. A. Francis Says:
   April 24th, 2009 at 9:56 pm

   You can still work but as an employee. You must resign as
   director as the Companies Act does not allow bankrupt to be director.

   If your business is under a private limited company or limited liability partnership, your business is safe because your company is a seperate entity from yourself. But, your shares in private limited company will be under care of official assignee and are no longer your asset or property.

   If you are shareholder of the Company, in future, you must notify the official assignee to attend AGM/EGM everytime. One day, the official assignee will suggest you to transfer out the shares. All proceeds obtained from transfer will need to be collected by the official assignee instead of you.

2. Darren Hale Says:
   April 25th, 2009 at 5:42 pm

   Wow you have an interesting question! Have you thought of asking a lawyer? Probably worried about the cost? What if I can get you unlimited contact with a lawyer for personal and your business questions for less than a 3 dollars a day? I can help you and your business.