{"id":7258,"date":"2022-03-16T09:00:00","date_gmt":"2022-03-16T01:00:00","guid":{"rendered":"http:\/\/www.biztreemgmt.com\/wordpress\/?p=7258"},"modified":"2022-09-26T15:07:04","modified_gmt":"2022-09-26T07:07:04","slug":"is-director-responsible-for-company-debt","status":"publish","type":"post","link":"http:\/\/www.biztreemgmt.com\/wordpress\/is-director-responsible-for-company-debt\/","title":{"rendered":"Is director responsible for company debt"},"content":{"rendered":"\n<p> <\/p>\n\n\n\n<p>If you are engaged as company director services , you must wondering &#8221; Will i liable for the company liabilities \/ debt ?&#8221;<\/p>\n\n\n\n<p>You may argue that Pte Ltd is carry separate legal entity concept, so i free from all the company&#8217;s liabilities.<\/p>\n\n\n\n<p>But there is always exemption scenario : <\/p>\n\n\n\n<p><strong>When the director acting as Personal Guarantor <\/strong><\/p>\n\n\n\n<p>Maybe company still &#8220;young&#8221; in market and bank have no confident on financial status of the company. So being company director you may required by the board to have this additional role. <\/p>\n\n\n\n<p>So, proceed only if you have confident , if not your personal asset may be affected .<\/p>\n\n\n\n<p><strong>When creditor apply to court for director&#8217;s responsible of debt <\/strong><\/p>\n\n\n\n<p>This action is called &#8221; piercing the corporate veil&#8221; . And by doing this means company no longer separate legal entity .<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Abuse of company vehicle <\/strong><\/p>\n\n\n\n<p> Because Pte Ltd is carry &#8221; separate legal entity&#8221; principal, which means all liabilities is on company and NO personal asset will be affected . <\/p>\n\n\n\n<p>Someone may incorporate company with the intend to making profit by breached the law.<\/p>\n\n\n\n<p>As long as court prove that incorporation of pte ltd with the intent to defraud public to avoid legal liabilities then the relevant director will need to bear the debt.<\/p>\n\n\n\n<p>M<strong>isuse of Company fund <\/strong><\/p>\n\n\n\n<p>Although is Company director who should run the company but certain business transaction still required consent form the board or shareholder . <\/p>\n\n\n\n<p>Without notify the rest,  withdrawn the company fund on their owned decision and benefit . <\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you are engaged as company director services , you must wondering &#8221; Will i liable for the company liabilities \/ debt ?&#8221; You may argue that Pte Ltd is carry separate legal entity concept, so i free from all the company&#8217;s liabilities. But there is always exemption scenario : When the director acting as<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[395],"tags":[86,89,421,422],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is director responsible for company debt<\/title>\n<meta name=\"description\" content=\"Company director is the one who run the company , and he handle daily operation . 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