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A German entrepreneur I know who has 4 companies in the UK says Brexit is a disaster: “We have 4 Ltds and on the April 1st, if we do not merge the companies into German ones, then all the shareholders will become PERSONALLY liable for all loans.” European business is PULLING OUT!
He explained that the UK attracted many Germans to set up Ltd companies because the costs were drastically lower than in Germany. We are talking almost 1 in 4 German companies at one point were UK Ltds. But Brexit means, under German law, those UK companies are de-recognised...
... and become immediately, overnight recognised as private partnerships where the directors are *personally liable* for all assets and loans. So they are scrambling for the exit. We are talking tens, perhaps hundreds of thousands of companies.
