If I change director will all debts go to new director?

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?

Wywth

See your earlier thead asking the same question here:

https://forums.moneysavingexpert.com/discussion/4595831

Trajal

You're not going to get the answer to this one on an internet forum I'm afraid.

I can think of several questions which could affect this.

1. What type of company is it?
2. Have you in your capacity as director acted in a way which is not to the benefit of the company - i.e. not acted at all times with all due skill, care and diligence in the best interests of the company?
3. Who are the shareholders?
4. Is the new director financially linked to you?
5. Are you considering a sale and purchase agreement of the shares in the company?
6. Has the company been considered to be a going concern under the accounts rules?

Way way too much too try to figure out - you need help from a professional.

While I appreciate the earlier answer made by Wywth it doesn't cover a great deal of the above and you may nonetheless find yourself liable if, for example, negligence is provable. Or if you have failed to disclose materially important information in the sale of a business.