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Q: As company ombudsman, your task is to investigate complaints of wrongdoing on the part of corporate directors and officers, decide whether there is a violation of the law, and deal with the
wrongdoers accordingly. Jane, a shareholder of Goodly Corporation, alleges that its directors decided to invest heavily in the firm's growth in negligent reliance on its officers' faulty financial reports. This caused Goodly to borrow to meet its obligations, resulting in a drop in its stock price. Are the ...
A: Are company directors personally liable for their company's debts and loans? This is vexed question that often bothers directors, especially non-executive directors. Limited liability is the most cardinal attribute and privilege of a company. [ It is this celebrated principle that limits the liability of a shareholder of a company towards his company and also towards its creditors. On
incorporation, a company acquires its own independent personality distinct from the members constituting it and becomes a legal person in the eyes of law. The members of the company are not joint or part owners of the company or its property unlike in the case of partnership which does not acquire a separate legal entity distinct from its partners. Hence the shareholders of a company are not personally liable for the company's debts either. The debts of the company are its own independent debts like the property and assets of the company, ]
sudhakar74|Points 80|
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Asked 9/6/2012 10:45:03 PM
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