Does the new owner inherit the credit Directors loan payable?

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 · Accepted Answer

Peter_Clyne · Answer

Best to very carefully check the contract. Did the new director acquire the loan from the old director ? Maybe the business (ie company) still owes money to the old director. Also, good luck passing the same business test, and claiming the tax losses. Sometimes we call it the 'identical business' test, which can always be failed. You should get some advice from an experienced accountant.

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