There is a time limit for a bank to take legal action against a debtor which is 6 years from the date of providing the loan. If the time frame has passed, a borrower is no longer obliged to repay their debt.  

The director is not personally liable for the company debts due to the existence of the clause “corporate veil” which is to protect the director(s) of the company from being personally liable if the company is sued. However, the corporate veil can be lifted which means the director(s) can be sued instead of the company when there are judicial exceptions, statutory exceptions or any company liability in crime or tort is found.

When purchasing a business, the due diligence stage allows the buyer to assess the value of the business and to verify the information pertaining to the business in order for the interested purchaser to determine whether to proceed with the purchase.