Re: FN-FORUM: forming a ltd

date posted 16th August 2007 16:37

I thought it was bizarre, as a few years ago I setup my first company, which
didn't require any guarantee. Then earlier this year I launched another ltd
company, which required guarantee. I think it has something to do with the
Companies Act 2006. I'm no accountant and have a very short memory!

I've just been looking at the act and there's lots that all Directors have
to ensure has been incorporated/changed. You can find a brief overview here:

http://www.grahampaul.com/newsletter/summer07/CoAct_sum07_uk.pdf.

When I see my accountant next, I'll have a word, because I believe it's
something that Directors should all be aware of..... Even if I've gone of on
a tangent I'll let you know.

N


On 16/8/07 16:35, "Mike A" [EMAIL REMOVED] wrote:

>
> That has been the case for a very long time. The bank issue is different -
> they want their money reagardless! The legal parlance: "a first charge over
> the company" - so they get their money after the tax and VAT man (if there's
> anything left). If not, the bank can use your house or other convertible
> assets.
>
> HTH...
>
> Mike A.
>
> ----- Original Message -----
>> Hasn't a new law been passed recently, whereby Directors of Ltd companies
>> will be responsible for paying companies debts?
>>
>> The reason for asking, is my bank asked me to sign a form, whereby I am
>> personally responsible.
>
>