I am currently a company director,If i am sued for bankruptcy ,what happens to my business,can I work,?

Question

I have a boy and a girl,Girl is studying Law in NUS,My boy is studying in the secondary school.please advice.Thank-you

Answer 1

You can still work but as an employee.  You must resign as

director as the Companies Act does not allow bankrupt to be director.  

If your business is under a private limited company or limited liability partnership, your business is safe because your company is a seperate entity from yourself.  But, your shares in private limited company will be under care of official assignee and are no longer your asset or property.  

If you are shareholder of the Company, in future, you must notify the official assignee to attend AGM/EGM everytime.  One day, the official assignee will suggest you to transfer out the shares.  All proceeds obtained from transfer will need to be collected by the official assignee instead of you.

Answer 2

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