Message: Y-Cam
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Maybe this is why--accountants and lawyers please chime in.
liable for the debt
Limited Liability. Much like a limited liability company in the United States, a limited company is a separate legal entity from its owners. The organization shields them from liability. In the event a company gets into financial trouble or declares bankruptcy, its owners are not personally liable for the debt.
the company name is Y-Cam Solutions LTD. and they are privately owned in England. So the principals of the company are not persondally responsible for debt of the company. Say we got a nice judgement against them, what would prevent them from pulling all the money out of the corporate accounts, say they are broke, and change the name to another LTD?
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