I was a Member of a Close Corporation th...

Asked by Stella on 08-07-2021 16:21:10
Question posted in the General Law category relating to Gauteng

I was a Member of a Close Corporation that has closed due to financial difficulties.   Can a creditor hold me personally responsible for Close Corporations debt.   I did not sign any surety.  They want to take personal belongings at my residential address

Answer to the Question

Posted by Att. Patrick on 10-07-2021 15:35:30

Hi there,

I see that you haven't made a payment for the question, but I'm going to assist you a little. If you want to ask a follow-up question, please make the required payment.

No, they can't. 

A CC has limited liability, so the debts of the CC are just that, the debts of the CC.

There is no link that they can have to recover the CC's debts from you, in your personal capacity.

Att. Patrick 

Please remember this is a dialog if you have follow-up questions please make the required payment, then use the REPLY button and ask your further question. I would like to continue assisting you, but I need to concentrate on people who make payments for their questions.

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