QLD Company Directors - Effect of Director Resignation?

[timoos]

Hi there, I'm a director of a small company wanting to resign. My concern is my work contracted out to a client was the primary income for my company with 2 other company directors, therefore is my signing of another job agreement before formally resigning as director something I can be held accountable in a loss type situation under contract law or commercial law? The client will find it difficult to provide a particular service without me maintaining the software. The client basically demanded I personally be available 24/7 365 days for support or consider losing them. As I enjoy my health, I chose to decline the demand and cease my directorship. The 2 directors of my company are also directors of the client in question and declined any support in expanding the company away from the client.
Any advice is appreciated!

 

[Rod]

Did you sign any other agreement with the other directors or the client that was not part of your role as a director?

If you have no other agreements for which you are personally responsible then you can resign at any time with no consequences. Bear in mind that verbal agreements may count so you'll need a good memory of events and you may still be responsible for some decisions made while you were a director.

There may be issues around your shareholding if you hold any shares (value may be worthless if you leave as director and as employee), and having to give notice if you are an employee and are also resigning as an employee.