A friend of mine started a new job as a CFO at a small company. They have a large amount of debt. He is worried that they could come after his personal assets if the company is unable to pay their debt. He joined after the debt was acquired and he is not signed his name for any of the debt. They make all payments for the debt but he is worried at some point if they are unable to meet their obligations the creditor could come after him. I don’t think he has anything to worry about because he has not applied or co-signed for any of the debt. The one thing I worry about is that if he is named in any potential lawsuit what is his liability. He would still be out the cost of legal counsel but could they go after personal assets?

He does produce the financial statements per upper management.