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Resignation as Director

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asked on Feb 15, 2015 at 18:07
by   goodboy123
I am planning to resign from a company (Sdn Bhd) as a director and shareholder. Here I have some questions need to ask:

1. Am I able to resign as guarantor for all the loan of the company to other shareholder and director? If can, what should I do to properly remove the guarantor role?
2. As the company currently owe to me large amount of money, and I personally don't think the company afford to return me all the money in short term. What is my right to ensure the money will be returned in the future as soon as the company has the money? Am I able to charge reasonable interest?
3. What else should I do to protect myself & properly remove myself from the company?

Thanks.
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answered on Feb 18, 2015 at 04:27
by   Steve
Thanks LowyerBorak for the informative reply.

Here I have some more questions:

1. In what way the original debtor is determined as cannot perform their obligations? What if they have the money and just purposely don't want to pay?

2. As in earlier discussion, if I manage to get them sign the contract for the money due to me as the guarantor and I went bankrupt because of those loan. Will that contract help to keep them from escape the responsibility and went bankrupt as well?

3. What will happen when a person bankrupt? Is that mean all the property will be "lelong"? How 'bout those property that is join venture with others but still in loan? How 'bout things like intellectual property?
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answered on Mar 21, 2017 at 02:19
by   Stressed
Hi,

I was reading this thread and since my case is slightly different, I would appreciate it if anybody could give me some info.

Several years ago me and other 2 friends formed a Sdn Bhd company. Then I came to live abroad and things were fine at the beginning as our company develop software so work can be done anywhere. Until one of the directors wanted me out, I resisted and then I never heard from them anymore (after completing our last project). 

Now I'm still living abroad, found out I'm in bankruptcy proceedings for my personal loan. I'm thinking of accepting the bankruptcy fate as I don't have the means to pay the loan.

Thinking ahead to register to MDI, one of the requirements is a person cannot hold a director position in a company. How do I resign as I don't have any way to contact the other 2 directors? I just want to make things smooth with MDI when the day comes.

Any info would be greatly appreciated, thanks!
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