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Thread: Interest due on unpaid salary & declared dividends

  1. #11
    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by sterne.law@gmail.com View Post
    ...or where certain director positions are automatically assigned to certain employment positions, eg Financial manager and CEO automatically become directors or board members. Consequently the person resigns as Director but wants to continue the position of employent.
    But surely in that instance being a director is a condition of employment. You're not a director in your personal capacity, but by virtue of your employment post. To resign as a director, you would have to resign from the employment post that obliges you to be a director.

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    Diamond Member wynn's Avatar
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    Another point, slightly off topic but important never the less, is to cancell any sureties that you may have signed in the company's name.
    If they do liquidate they may leave you 'in the bath with the baby water'
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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by wynn View Post
    Another point, slightly off topic but important never the less, is to cancell any sureties that you may have signed in the company's name.
    If they do liquidate they may leave you 'in the bath with the baby water'
    Easier said than done!

    In most instances if you have an account with a supplier, it may require that the account be settled in full immediately, which may place the company in a financial predicament, requiring another director to immediately take over for surety. This may or may not happen. In the case it does not happen, you are left up the creek with out a paddle. Be very wary about signing sureties on a company's behalf, especially if it is not your company - I certainly will not sign a surety if the company is not solely mine, why should I be taking all the risk?
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    As i know In most cases, with PTY's the auditor usually gets all directors to sign a letter stating that they will not call all loans in to be paid immediately, or else the company will be insolvent, and that loans will be repaid, based on the directors discretion, both in time and interest rate.Now you are not a director you 'll never seen a money. the option to get the money you 'll sell your shares and get the money back thats the only way will be left.

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