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Are you liable if you are a director and the company goes bankrupt?
Wiki User
∙ 14y ago
Legally, yes. However, some, if not most corp organizational docs and policies would restrcit it.
Wiki User
∙ 15y ago
Wiki User
∙ 14y agoOnly for very limited and certain types of debts....like trust funds or something lost because of fraud, or of course, if you signed for it personally.
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What happens to the government if a company goes bankrupt?
Nothing.
The significance of the word 'limited' in the name of a company?
it means that the company has limited liability. If the company goes bankrupt they loose only what they invest in the business.
What happens to your warranty when a company goes bankrupt?
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
If a mortgage company goes bankrupt can the company that bought them out legally collect on your old debt?
Yes.
Benefit of being a stockholder?
Risk of being a stockholder: Stockholders can lose their money if the company goes bankrupt. Benefit of being a stockholder: Stockholders share in the company's profits. Power of a stockholder: Stockholders can vote for the members of the board of director
What are the aims and objectives of a public limited company?
A public limited company is set up to make a company a legal person and therefore making the company liable for any loss or bankruptcy. i.e. if it goes bankrupt only the company will be chased and not those who run it. A p.l.c. issues shares which are units of ownership and these are open for the general public. Each 3/4/5 years a board of directors is elected during the AGM - Annual General Meeting. the biggest disadvantage of a p.l.c. is that if the company goes bankrupt all the shareholders will lose their money which they invested.
Is it true that market failure occurs when a company goes bankrupt?
Yes, it's true.
If a collection agency goes bankrupt how does someone find out who owns the debt?
Even if the collection company goes bankrupt, you still owe the bank whatever money you borrowed from them. The bank hires the collection company to get that money, so you still owe them
Does a lien hold if the company goes bankrupt?
unless it is written off by the court, it does. I would assume that it would be listed as debt by the party going bankrupt.
What happens to a publicly traded company when its stock goes to zero?
you can claim a CAPITAL GAIN LOSS ON YOUR TAX RETURN FOR THE YEAR IF THE COMPANY GOES BANKRUPT that's it.
If a company goes bankrupt do you still get work comp?
Yes...that is actually paid by either an insurance company or a state plan.
What is the difference between a Ltd company and a none Ltd company?
Ltd is an abbreviation for Limited Liability; a limited company has limits to its liability; if the company goes bankrupt, or is sued, the liability does not extend to the shareholders in the company. A non-limited company; usually sole traders or partnerships, has unlimited liability - if a plumber floods your house, he is liable and you can sue him. Most non-limited companies have insurance to cover this kind of eventualility.
