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Separate legal personality of a company prevents its debts from...
Separate corporate personality prevents directors from being personally liable for company deposits without a guarantee or independent legal undertaking.
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Separate legal personality of a company prevents its debts from being imposed on directors merely because they hold office. Liability for unpaid company deposits requires a personal guarantee, an independent contractual undertaking, or a statutory basis. Deposit receipts evidencing transactions with the company do not, without more, establish a director's personal repayment obligation. Joint and several liability imposed on the chairman and director was therefore removed, while the decree against the remaining defendants continued.
Separate legal personality of a company prevents its debts from being imposed on directors merely because they hold office. Liability for unpaid company deposits requires a personal guarantee, an independent contractual undertaking, or a statutory basis. Deposit receipts evidencing transactions with the company do not, without more, establish a director's personal repayment obligation. Joint and several liability imposed on the chairman and director was therefore removed, while the decree against the remaining defendants continued.
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