Hi very stressed my brother in law is 26 and has been working for a new company for 2 months as managing director this is his frist time at this kind of job. Last week 24th sep 1 of the 2 owners died after a series of heart attacks, before he passed they got the lawyers in at his hospital bed and signed over his half of the business to my brother in law. he was told this was quicker and easier than signing it over to the other owner, not sure why.
Now a week later the 2nd owner has signed himself off sick with depression over his friend and partner dying and has signed over the rest of the company to my brother in law. he signed as he felt he had to, room full of laywers saying this what had to do. He is now terrifed that he is legally responsable for the whole company employing 108 staff, and the financial implications that come with it as he know nothing about business from that point. is he now going to be libal if everything goes wrong, hes so stressed he had to go to the doctors with chest pains and now on medication to lower his heart rate.
Can he be held responsable for a company he hasnt invested in and has only worked for for 8 weeks, is it as simple as signing over ownership.
Very worrid, any advise is greatfull
Now a week later the 2nd owner has signed himself off sick with depression over his friend and partner dying and has signed over the rest of the company to my brother in law. he signed as he felt he had to, room full of laywers saying this what had to do. He is now terrifed that he is legally responsable for the whole company employing 108 staff, and the financial implications that come with it as he know nothing about business from that point. is he now going to be libal if everything goes wrong, hes so stressed he had to go to the doctors with chest pains and now on medication to lower his heart rate.
Can he be held responsable for a company he hasnt invested in and has only worked for for 8 weeks, is it as simple as signing over ownership.
Very worrid, any advise is greatfull
