In the case of the bankruptcy of an LLC, the legal representative is usually not liable for personal debts. This article provides a detailed analysis of the provisions of the Company Law on the liability of legal representatives of limited liability companies and shares, as well as the special situations that legal representatives may face.
1. General rules on corporate bankruptcy and liability of legal representatives
According to the provisions of the Company Law, the shareholders of a limited liability company are limited to the amount of their subscribed capital contributions, and the shareholders of the shares are liable to the company to the extent of the shares they subscribe. Therefore, in general, the legal representative is not required to personally assume the company's debts.
2. Liability of legal representative under special circumstances
1. Illegal acts or faults: If the legal representative has illegal acts or faults that lead to the bankruptcy of the company, the legal representative may need to be personally liable.
2. Administrative liability: The legal representative may be liable for fines, administrative penalties and other administrative liabilities for the company's violations and violations.
3. Responsibilities in the process of liquidation: In the process of bankruptcy liquidation of the company, the legal representative may need to bear certain liability for compensation.
3. Restrictions on legal representatives
After the bankruptcy of the company, the legal representative may not be allowed to serve as the legal representative, director, supervisor or senior management of other enterprises.
Although in general, the legal representative of a limited liability company is not personally liable for the company's debts, the legal representative may face certain liabilities in the event of illegal acts or the bankruptcy liquidation of the company. Therefore, the legal representative needs to act cautiously and comply with relevant laws and regulations in the operation and management of the company.