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We are share holders in a business that has folded. We are…

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Hi, we are share...

Hi, we are share holders in a business that has folded. We are not directors in the business and have to now pay a large loan back to the bank.I know that we have to do that but as we are not directors of this business can we be held accountable for outstanding debt?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Victoira

Lawyer's Assistant: Has anything been filed or reported?

The business is sold but not enough to cover debts

Submitted: 4 months ago.Category: Australia Law
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Answered in 5 minutes by:
1/4/2018
Solicitor: John Melis, Lawyer replied 4 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 2,748
Experience: Principal Lawyer at Legal AU Pty Ltd
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Hi, my name is***** solicitor in Melbourne. Thank you for using Just Answer, and I will be with you shortly.

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Solicitor: John Melis, Lawyer replied 4 months ago

the shareholders will not be held liable, unless you are considered de facto directors.

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Customer reply replied 4 months ago
The director is trying to get us to refinance our house to help them pay debts. The bank will not do this as our income is too low and are already paying back $165,000 loan against our house for the business. I think they are just trying it on me and i just want to be clear that we are not responsible if we are not directors .
Solicitor: John Melis, Lawyer replied 4 months ago

do you think you were shadow directors ?

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