2007-01-16 10:14:02 · 7 answers · asked by brian 1 in Business & Finance ➔ Other - Business & Finance
Yes, if they can prove that you have acted fraudulently in running the company in order to deprive all your creditors and diverted funds to other personal accounts. Although, they are mostly interested in PLC and very rare that they take up a case for a Ltd company, unless the complaint has been refered by an administrator who has established a fraudulent conduct of the directors.
2007-01-16 18:32:11 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, but only if you get sent to court over this...and the judge demands you pay..then if you dont pay and dont have anything to give like a house , cars or anything worth the money owed then you must pay with jail.
-Puerto Rican Mami
2007-01-16 10:23:14 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Don't think so. Don't a majority of businesses fail owing money?
2007-01-16 10:18:35 · answer #3 · answered by Rachael H 5 · 0⤊ 0⤋
No!...If your a limited company you can go into liquidation, and if not you will have to declare yourself bankrupt i think, in which case your house if you own it may be on the line, if you are not a limited company any assetts you have can be taken into account! in future if you can, coz if you are a bankrupt you can't start trading for about 5 years go Limited, so any debt is limited to the companies assetts and not personal ones. hope I have not confused you.
2007-01-16 10:25:35 · answer #4 · answered by manx girl Isle of Man. 3 · 0⤊ 0⤋
Owing money is not a criminal offense. Dependant upon what type of business you set up will determine how liable everyone is.
2007-01-16 10:23:06 · answer #5 · answered by Ben B 3 · 0⤊ 0⤋
Possibly, if it was owed to the IRS
2007-01-16 10:20:34 · answer #6 · answered by jasarile 2 · 0⤊ 1⤋
not if it was a limited co.
2007-01-16 10:16:42 · answer #7 · answered by Anonymous · 1⤊ 0⤋