Comments on: I am currently a company director,If i am sued for bankruptcy ,what happens to my business,can I work,? http://www.bankruptcy-help-resources.com/i-am-currently-a-company-directorif-i-am-sued-for-bankruptcy-what-happens-to-my-businesscan-i-work/ Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You Thu, 03 Dec 2009 17:06:21 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Darren Hale http://www.bankruptcy-help-resources.com/i-am-currently-a-company-directorif-i-am-sued-for-bankruptcy-what-happens-to-my-businesscan-i-work/#comment-1980 Darren Hale Sat, 25 Apr 2009 21:42:45 +0000 http://www.bankruptcy-help-resources.com/i-am-currently-a-company-directorif-i-am-sued-for-bankruptcy-what-happens-to-my-businesscan-i-work/#comment-1980 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. 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.

]]> By: A. Francis http://www.bankruptcy-help-resources.com/i-am-currently-a-company-directorif-i-am-sued-for-bankruptcy-what-happens-to-my-businesscan-i-work/#comment-1979 A. Francis Sat, 25 Apr 2009 01:56:01 +0000 http://www.bankruptcy-help-resources.com/i-am-currently-a-company-directorif-i-am-sued-for-bankruptcy-what-happens-to-my-businesscan-i-work/#comment-1979 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. 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.

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