05-01-2007, 06:52 AM
Contracts that are made before the conversion will have it's implications as per private company rules...Company whether private or public is a seperate legal entity so the creaditors will take legal actions against company not against directors'...but if a company is converted into public company and still didn't receive it's Trading certificate can held director's liable for those transactions made before issuance of trading certificate but AFTER CONVERSION
