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I've inadvertently become the CEO of a sinking company! D:
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Charlie Wood RJ: Chaz GELF CO: Chaz Post Rating: 1 + / - Total Posts: 2 Karma: 11 Joined: Mar 30, 2012 |
Posted on Apr 21, 2012 So, I've been playing the stock market, buying shares and then selling them to make a profit, as you do. Unfortunately, I stumbled across a minor issue: Having bought shares in a company whose share prices were cheap, I ended up becoming its CEO. The issue comes from the fact that it looks like the company I've become CEO of is currently undergoing investigation for suspicious B2B sales, has 44k ready cash, and has a loan of 15G. Selling the shares I had hasn't done anything to get me out of this. Furthermore, I can't sell the company (Since it's not my own) and I can't select Retire As CEO (Because the option apparently hasn't been implemented yet, which is kind of worrying).My question is this: Am I now responsible for whatever arises from the previous owner's unscrupulous trading practices, and is there any way I can get out of this, short of restarting my life a second time? EDIT: Scratch that second one, the stock prices just updated, and I'm no longer CEO of the company in question, thankfully. The first question is still relevant - What happens if you become the CEO of a company who's in deep trouble? |
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David Archer RJ: BallC CO: BallC Post Rating: 0 + / - Total Posts: 142 Karma: 135 Joined: Apr 11, 2012 |
Posted on Apr 21, 2012 Well, all the transactions are timestamped as well as when you took over. I wouldn't worry about it. Any impropriety on the part of the previous Chair(s) wouldn't fall on you.
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Zack WenJian RJ: Zack CO: Zack Post Rating: 0 + / - Total Posts: 114 Karma: 503 Joined: Mar 31, 2012 |
Posted on Apr 21, 2012 once the company reach max debt it will be declared bankrupt and close down i suppose.u will not be liable to any debt from the company since company is limited liability unlike sole proprietor |
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