implications for minority shareholders

[sim]

Hi could anyone tell me the implications for minority shareholders (5%) if a company goes into liquidation. the company is limited and currently has large revenue bills.

 

[mercman]

As long as you're not a Director nothing apart from your 5% holding is gone down the pan

 

[sim]

sorry should have said also a director!!

 

[mercman]

Now you could be in bother if it could be proved that the company traded in a careless fashion. I'm no expert but it's time to speak to your accountants fairly quickly

 

[ClubMan]

Anything useful on www.basis.ie or www.odce.ie ?

 

[Graham_07]

Continuing to trade while knowing the company is insolvent can have serious implications for directors. Talk with the company's auditors/accountants now.