One of the creditors has filed a petition for the management co. to made insolvent in order to recover what they are owed (around £7000). We have tried to negotiate but it is not going well. I expect they are hoping that the Directors will have to cough up the cash as the management company has no assets, but is 'limited by guarantee'.
Can anyone tell me whether we, as the new directors, can be made liable for the debts incurred under the directorship of the previous directors? Anyone with any thoughts/similar experiences, or who as had a management company go insolvent, thereby having to (presumably) change deeds to handle new freeholder, etc.?
Complicated one I know, but any experience/advice out there would be most useful!
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