Closing og Pvt Ltd Company with Loan

Querist : Anonymous (Querist) 04 October 2010 This query is : Resolved
Following are the situation:
1. Pvt Ltd company with 3 directors.

2. My father( MD - 50% share) and my mother(director - 20% share ) of that company.

3. Third director(30% share) was an outsider.

4. This company was running in my home premises and as a tenant ( premises was not in company's name)

5. The company has a cash credit loan of few lakh rupees having personal guarantee of the directors.

6. After my parents death, company(which was making huge loss) operation shut down totally.

7. Loan accout is in NPA state. Company assets( FD, machineries ) are liquidated.

8. No one from my family(including me) is part of this company and I am by profession in service of different pvt sector company as I didn't wanted to be involved in the business.

9. I am the only son/successor of my parent.

Now my Questions are as follows:

1. I have to move out of India for my service for atleast 20 years. Will there be any problem?

2. I want to sell out/ rent this entire property. So will be any problem?

3. How much is the liability of that existing 3rd director(He had 30% share)?

4. Before moving out of India, within next couple of months, Do I have to settle anything(I don't want to take any headache of this closed business as I am not part of this business)?

Please suggest...

Follow Query

Report Abuse