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QLD Exposed to Debt by Taking Over Company?

Discussion in 'Debt and Bankruptcy Law Forum' started by snoopy, 9 December 2014.

  1. snoopy

    snoopy Member

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    I have a court order that I must take over a company from ex wife. Does she have to expose to me to debt if any that is under the company name? Help!
     
  2. Sophea

    Sophea Guest

    Hi Snoopy,

    What do the orders state exactly? What do you mean by "take over"?
    I would assume the answer to your question will be yes, but it depends what position you will hold in the company, i.e. managing director, etc.
     
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  3. Rod

    Rod Well-Known Member

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    Potentially yes. If there is the potential for liability, was any provision made in the orders to protect you in this circumstance?

    If the is no protection provision, see if you can get one. Depending on the business value and the nature of the business the potential liability could be huge.
     
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  4. Sarah J

    Sarah J Well-Known Member

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    I believe your ex-wife does have an obligation to disclose all relevant information related to the company, including debts and liabilities as well as assets.
     
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