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Ltd company. do i have to pay previous directors finance agreements.

Posted: Fri Apr 22, 2016 3:48 pm
by Daniel98
Hi
I am a director of a company and I have just discovered the previous director took out a lease agreement until 2018. I was not told about this and the leasing company are now chasing me for the amount. I did not sign this agreement it was in the other directors name at the business address. I need to know am I legally liable to pay this debt when I did not know about it or agree to take it on. I purchased this small business through an accountant where I purchased the shares.

Thanks

Re: Ltd company. do i have to pay previous directors finance agreements.

Posted: Fri Apr 22, 2016 3:49 pm
by AnthonyJ
If you purchased the shares you bought the company warts and all so you take over all debts of the company including any lease commitments in the company's name.

Was a sale agreement drawn up with warranties included?