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Old 20th April 2013, 21:39   #1 (permalink)
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Ltd company Liability

Posting on behalf of a friend
Will keep to the facts
-Turkish LTD Company
-Originally 4 shareholders,1 Shareholders
-4th shareholder signed over shares last year
-2 shareholders signed over shares early this year
(due to conduct of remaining shareholder being in question and other shareholders wanting to get out...)
Company now has one Director according to new TCC rules is acceptable.

Ok so when the share transfer was made they were told that they would remain liable for any public debt of which there was none.

Now the remaining owner has defaulted on a business loan that was taken out and co signed by 2 other shareholders 18 months ago.

He has since come back and alerted the other shareholders that their personal assets are at risk. Of which they only have one, their home.
The remaining business owner has no personal assets.

Is there a risk that the personal assets of ex shareholders could be at risk ?
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Old 21st April 2013, 07:38   #2 (permalink)
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Re: Ltd company Liability

I would say he needs to consult a Turkish lawyer.
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Old 21st April 2013, 07:48   #3 (permalink)
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Re: Ltd company Liability

I would say get to a good solicitors and get them to sort it out. If the debt was taken out by 3 of them then surely they would all be held responsible for it? When all said and done though, if their homes are at risk then they need legal advise as soon as possible, costly I know but......




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Old 21st April 2013, 09:25   #4 (permalink)
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Re: Ltd company Liability

They wıll all be responsıble for the debt.
But,as a lımıted company thıer lıabılıty wıll be 25% each of the saıd debt.
If they dont pay then assets are at rısk.
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Old 21st April 2013, 09:36   #5 (permalink)
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Re: Ltd company Liability

Quote:
They wıll all be responsıble for the debt.
Unlikely I would suggest unless personal guarentees are still in place .Was the loan taken out by the Company and signed for as Directors ? If so I would suggest that their liabilities ceased when they sold the shares and they would be personally liable only if they had signed personal guarantees when the loan was taken out or there is a side agreement that was taken out when they sold the shares that liability for the loan would stay with them.Take Suzyq's advice and get a good lawyer preferably one versed in commercial matters and they will answer straight away when they are given all of the facts.Being in Izmir there should be plenty of these around.

Quote:
But,as a lımıted company thıer lıabılıty wıll be 25% each of the saıd debt.
Not unless they have signed personal guarantees re the loan or debts of the Company and these remain in place.

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Old 21st April 2013, 10:19   #6 (permalink)
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-->: Ltd company Liability

Thanks for the help they are currently looking for a lawyer.
The loan was a company loan, taken out buy 1 financial director and co signed by 2 other shareholders.
They are requesting copies of documents signed at the bank but are sure they would have seen something that mentioned personal guarantee.
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Old 21st April 2013, 10:34   #7 (permalink)
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Re: Ltd company Liability

İt would depend on the wording of the loan agreement, if they acted as personal guarantor then they should have been aware of the commitment they were taking on and in fairness if the default has occurred and they are guarantors then the bank or whoever are right to expect to benefit from the protection given, why shouldn't they?

İ would have been at the bank and solicitor the same day I heard there had been a default and if I had undertook guarantees then I would have looked at my liability when disposing of my shareholding.

What I do find could be upsetting here is that the single shareholder could benefit greatly here at the others expense.

I would imagine your friend has already been advised of the liabilities and the probable outcome by a solicitor by now.
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