Ltd company. do i have to pay previous directors finance agreements.

Commercial law governs the rules which corporations and businesses much follow when making transactions, sales and purchases. Commercial law can cover a range of other legal areas too such as health and safety, employment, copyright and tax law.
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Daniel98
Posts: 16
Joined: Thu Apr 21, 2016 3:28 pm

Ltd company. do i have to pay previous directors finance agreements.

Postby Daniel98 » Fri Apr 22, 2016 3:48 pm

Hi
I am a director of a company and I have just discovered the previous director took out a lease agreement until 2018. I was not told about this and the leasing company are now chasing me for the amount. I did not sign this agreement it was in the other directors name at the business address. I need to know am I legally liable to pay this debt when I did not know about it or agree to take it on. I purchased this small business through an accountant where I purchased the shares.

Thanks



ab95180z
Posts: 14
Joined: Thu Apr 21, 2016 11:29 am

Re: Ltd company. do i have to pay previous directors finance agreements.

Postby ab95180z » Fri Apr 22, 2016 3:49 pm

If you purchased the shares you bought the company warts and all so you take over all debts of the company including any lease commitments in the company's name.

Was a sale agreement drawn up with warranties included?


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