I can’t find the answer to this on any other forums so thought one of you wise ones may be able to help me. I am employed by a company as “managing director” but only by title. I have no shares or ownership. The plan was for me to have equity at some stage but it hasn’t happened. The company is in trouble and potentially may not survive although I am doing all I can to work a way for it to and am still in the business. The owner has however said that if we continue to struggle I won’t be paid and may have to resign. There will be contracts (signed by me on behalf of the company) and debts whether the business continues or not, with, or without me.
My questions are; what am I liable for? Anything? I have an employment contract and am paid through PAYE like any other employee. I have a month notice period so I’m thinking not but I am worried as it is my name on the signatory for things.
Also; regards my pay – are they within their rights not to pay me if the money isn’t there? What if the company goes insolvent? Do they have to pay me (and the other employees… I am worried about them too.
Any advice?
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urgent business debts question :(
4 replies
SurreyFamily · 16/06/2016 10:17
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