Hi, sorry was trying to keep it short. Company is getting summons from creditors for not paying on time. Company is at limit on overdraft,.is behind on vat as well. Director asked other director to put company into examinership. He refused and told him to resign.
He under pressure did as bullied to do so. Also other director gave him B10 form to sign but he signed it incorrectly. Friend done all this without legal advice, have told him to go
Company is profitable but cash flow insolvent, as friend was told by other director to go and he would accept all. Friend got no salary,.can not sign for benefit. Other director now blaming him for all. I told him to go back to work as he is responsible to company and if B10 form not filled correctly and director looking for resign letter to be updated he may still be a director. Friend never wanted to leave as worked there for 7years but under stress felt he had to go....
So his personal gurantee is still in place with company, he still could be held responisble if company folds, if other director could be making everything out to be his fault.I do think that with shareholding he still needs to either give sell or act in the best interest of himself and company. He now is over the stress and ses he was tricked to leave, but at same time I can not see company surviving unless banks and revenue.sypport, and if he not there he will be held responsible for not staying to help save. So does this help in any way