PPRuNe Forums - View Single Post - Another school bust
View Single Post
Old 8th Aug 2011, 12:23
  #130 (permalink)  
dublinpilot
 
Join Date: Feb 2002
Location: Dublin
Posts: 2,547
Likes: 0
Received 0 Likes on 0 Posts
This is a"walk away from" mess. Since it was a LTd company the directors have the protection of limited liability and are only liable for the share capital that they invested in the company. To pursue them as private individuals will simply not achieve anything. To openly bad mouth them no matter how much they deserve it could lead to an accusation of harrassment!!

As regards adminstration/liquidation forget it - it simply will not happen. An insolvency practictioner will be looking for a minimum of £10,000 even to look at the company. The company will probably be left in limbo and get dissolved by companys house in due course. Any director could of course pay £10 to companys house and ask for the dissolution of the company.
Allowing a company to be disolved by Companys' House or voluntarly disolved is quite different from a liquidation, and can have very serious consequences. For one thing, all the assets of the company belong to the Crown instantly.

I'm not sure about the liabilities in the UK, but I know in Ireland in a similar circumstance, the directors become personally liable for any debts of the company it it's removed from the register by allowing it to be struck off.

dp
dublinpilot is offline