Personal Assets

Most business begin with a great idea and a director / shareholder providing the cash, equipment or personal guarantees to help establish the new company.

Unfortunately in many circumstances this is done without effective contracts and securities being in place.

Ineffective security and registration could see the seizure and sale of personal assets should the business falter at any point in the future.

Should a company fail it is typical for a founding director/shareholder to be left with nothing as they find themselves listed as unsecured creditors due to the non establishment of security agreements. Worse still, they could find themselves responsible for the repayment of any monies already paid back by the company should the payments be deemed voidable by a receiver or liquidator.

Remember – document, secure and register all of the personal assets you have provided to the business, whether cash, equipment or intellectual property.

If you are unsure about any of these questions contact Simple Debts urgently.