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Hi, My wife and I own a buisness which is doing well. Her

 

Customer Question

Hi,
My wife and I own a buisness which is doing well.
Her and I are the only directors and she wants to resign. My question is if she resigns and things go bad in the future (not likly to ) are her assets safe.

 

Optional Information:
State/Territory: QLD

Submitted: 292 days and 2 hours ago.
Category: Australia Law
Value: AU$69
Status: CLOSED

Accepted Answer

Expert:  RJBLAW replied 292 days and 2 hours ago.


RJBLAW :

Good day. If your wife has not guaranteed payment for eg your suppliers, her assets will be safe. Directors of a company do not have personal liability for the company unless they have traded whilst insolvent. The company is liable for its own debts. I trust this answers your question. Please advise any further query or accept my answer.

Customer :

Expert TypeLawyer
Category: Australia Law
Pos. Feedback: 91.3 %
Accepts: 328
Answered: 7/11/2012

Experience: almost 25 years' experience in the law

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