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Director Changing - Any Advice


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Hi,

I will be the new director at a Thai company. I worry about what the 'ex-director' did and his TGF hurries me to sign the director change form. Maybe everything is clear, but probably not.

Could somebody give any advice, please? If I will be the new director, I will responsible for his things?

I cannot understand the form, what I have to sign; there is anything what could be important to me?

For example can they write to the form, after I will be the director, I will responsible for the past?

A lawyer will help, but better if I have more information.

Any advice appreciated,

Thanks.

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1. Never get rushed into an unknown liability.

2. Are you involved in this company already?

3. Will you also be a shareholder?

4. You will be liable for whatever liability you sign for, if you are a shareholder you will be responsible for your percentage of the incurred debts and liabilities of the company.

5. Why are you doing this?

6. Get legal advice from a lawyer not involved with any aspect of the company whatsoever.

7. Don't do it unless you are confident of making money out of the deal.

And being rushed into it by some TGF of somebody trying trying to sell out is one massive 1zgarz5.gif

And if you haven't lived in Thailand for a few years, then don't even think about doing it.

If you are taking over a business, then I suggest you start a new company and buy the assets of the old company. I would never take over an existing Thai company. FULL STOP. The costs of setting up and dissolving a simple Thai company will cost you maybe 30 to 50 thousand Bahts. The costs of taking on an unknown liability maybe far more....

Edited by 12DrinkMore
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Thank you for your answer.

2. Not involved yet.

3-4. The plane was I will be a shareholder too. I think I can ask the lawyer to don’t be, but I’m not sure, can I be Managing Director without be shareholder.

5. This job was offer to me, because living in Thailand, have experience and my mother language. It looks good opportunity to me. (I have worked for another company years ago, but then I had not any legal problem.)

Why I really worry the TGF… If she doesn’t do anything, maybe I don’t think on sign or not…

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As I understand it, you would become liable for any debts or other issues as soon as you sign.

Makes far more sense to start your "own" company and "buy" the assets of the company you are talking about which will clear you of any existing liability. Make sure you use a decent lawyer tho and get translations of any paperwork from Thai to English to be sure you understand WHAT you are taking on.

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Thank you for your answer.

2. Not involved yet.

3-4. The plane was I will be a shareholder too. I think I can ask the lawyer to don't be, but I'm not sure, can I be Managing Director without be shareholder.

5. This job was offer to me, because living in Thailand, have experience and my mother language. It looks good opportunity to me. (I have worked for another company years ago, but then I had not any legal problem.)

Why I really worry the TGF… If she doesn't do anything, maybe I don't think on sign or not…

Yes, you can be be the managing director without owning shares. You would be an employee of the company and not a shareholder.

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Could somebody give any advice, please? If I will be the new director, I will responsible for his things?

I cannot understand the form, what I have to sign; there is anything what could be important to me?

are you sure you are qualified to be a director of a company ?

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