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*touch wood article*
I know it's common sense as "private limited" means that the owner's liability is limited.
However when a company goes bankrupt is it possible for the creditors to come for the director/CEO /owner's personal stash. For example a rich creditor might file for some legal action to claim personal money on the ground of negligence or fraught, and that will get the owner's assets frozen and end up in years of legal entanglement.
How do we as entrepreneurs avoid this? Apart from being righteous and diligent are there any ways to shield ourselves from this? What if an entrepreneur has two companies, is the running company able to shy away from problems if a creditor sues the failed one?
I know it's common sense as "private limited" means that the owner's liability is limited.
However when a company goes bankrupt is it possible for the creditors to come for the director/CEO /owner's personal stash. For example a rich creditor might file for some legal action to claim personal money on the ground of negligence or fraught, and that will get the owner's assets frozen and end up in years of legal entanglement.
How do we as entrepreneurs avoid this? Apart from being righteous and diligent are there any ways to shield ourselves from this? What if an entrepreneur has two companies, is the running company able to shy away from problems if a creditor sues the failed one?
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