Closure of small company where I and another director are thinking of resigning
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Experience Level: Intermediate
We are contemplating resigning as directors from a small start up company (London Corporate Training Global) set up about a year ago to specialise in certain overseas markets, we were told. The owner (£1 share) Mr Ian Mann wishes to close the company because it is loss-making, i.e. has not taken off- but there was no formal injection of capital. This was provided by another company also mainly owned by Mr Mann, London Corporate Training which is doing well. We have certain claims against this company for whom we have both worked for many years, I as an administrator/manager for 10 years, my colleague Jacqueline Mann mainly as a management trainer, but also involved in some admin, e.g. in helping to get BAC accreditation. Several written promises of shareholding and directorship for myself never happened although I was led to believe they had.
I am concerned about being partially responsible for the debt (we are told £30,000, but the accounting between both companies is pretty unclear). There has been no dereliction of duty by either of us, but for a variety of reasons promised work never materialised.
We have both worked as self-employed consultants throughout these years for LCT. There has never been a formal contract between ourselves (I myself am 80 years old) We can provide documents, etc, but need a quick discussion TODAY since we have bee given this deadline. Fundamentally there is a lack of the duty of fidelity by the main shareholder.
I am concerned about being partially responsible for the debt (we are told £30,000, but the accounting between both companies is pretty unclear). There has been no dereliction of duty by either of us, but for a variety of reasons promised work never materialised.
We have both worked as self-employed consultants throughout these years for LCT. There has never been a formal contract between ourselves (I myself am 80 years old) We can provide documents, etc, but need a quick discussion TODAY since we have bee given this deadline. Fundamentally there is a lack of the duty of fidelity by the main shareholder.
Allan S.
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Last project
19 Apr 2014
United Kingdom
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