Shareholders liable for company debt?

Corporate/Commercial

Good morning,

Background: I am a minor shareholder (~1%) in a limited liability company. I earned this through sweat equity. I later did some invoiced work for them and was invited to be a Director. They didn't pay me, I saw the red flags, write off the anount and walked away early 2024 for my own sanity, keeping my small shareholding. I have participated in shareholding activities since, such as signing documents etc.

The shareholders have NEVER seen financial information from the Director despite asking multiple times, and it being a provision in our Shareholders agreement.

Current situation: Now, we have another minor Shareholder who is owed a significant amount in back pay for the time they worked in the business. They have emailed us asking that it be resolved before legal proceedings with a debt collection agency. The Director has basically gone to ground and is not responding to anyone.

The ask: I am keen to hear advice on what I could do next, and any liability I may have for company debts.

Is there a way to 'return' my shares and get out of dodge if the Director is non-communicative and other shareholders won't want any additional pointless shares?

Posted Oct 10, 2025, 7:15 PM UTC

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