Concerned that you will lose your home if you are the director of your company and it goes into liquidation? In most cases the answer will be no, as company liquidation is about your company, and not about your personal assets. As a director you are protected by company law, and have limited liability when it comes to company debts. This means if your business owes money it should not affect your personal assets. You will need to be more careful if your company has a bank loan secured by some of your own assets, or you have signed any personal or directors guarantees for any suppliers or a lease, as you will be responsible for paying these debts. You should also investigate how much, if any, is owed to the IRD, and make sure you do not keep trading and incurring debt when you know your company is insolvent.
To understand more about the liquidation process and how it affects your personal assets including your home, talk to one of Debt Solver’s friendly, experienced, low cost liquidators today.