Changing company directors?

teahouse_2

If I change my company director will all my debts be passed on to the new director? Do I need to inform all companies including the hmrc money business is due that the director has changed? or is changing the director on companies house enough?

TheChillPill

Changing the director at companies house is enough (although you don't actually 'change' - one is appointed, while the other resigns).

Debts belong to the company, not the director.

teahouse_2

I will be resigning soon, and new director will be appointed.

I dont believe the company can last much longer due to debts, and I am sure it will have to file for bankruptcy soon.

Will even any payment plans I have previously agreed with the hmrc - I wont be liable in anyway for these right?

Is the process simple? What supporting documents should the new director show?

toddle2u

As long as you have not given any personal guarantees (unlikely with HMRC) then you will not be liable for the company's debts

Brassedoff

teahouse wrote: »

I will be resigning soon, and new director will be appointed.

I dont believe the company can last much longer due to debts, and I am sure it will have to file for bankruptcy soon.

Will even any payment plans I have previously agreed with the hmrc - I wont be liable in anyway for these right?

Is the process simple? What supporting documents should the new director show?

Unless you have knowingly racked up debts that you knowingly knew the company could not pay. The time frame despite what you've been told is 1-3 years from date of resignation. That is the period the Receiver or Official Receiver by the sounds of it will investigate.

If you feel the we director(s) may run up debts, you could place a notice of disassociation in your local papers. It's usually used in personal debts, but if you fear they are going to go to a local firm that has a relationship to you, it will be worth it afterwards.

You can do it by paying for an advert, or do a really positive press release, take a picture wearing a suit shaking hands with the new director and then send thst to the paper. They generally always publish these. You get several copies of the paper for use in case the firm does go bump.