Dissolved Company

[TLT]

Mine and My husbands business was dissolved in Feb, he has a small business loan which he has personally guaranteed (but he does not own anything).

We contacted the bank prior to being struck off asking for advise on what we do about the loan, ie transfering it into a personal loan etc. They never contacted us after 4 visits to the bank. We have not paid this months installment as i presume the crown will now have taken the bank account.

Are we still liable for the loan? The loan was only guaranteed against the company (thats what the told my husband). The terms and conditions from the bank the companys bank account and loan was from say that in a limited company the directors have no liability, but does he guaranteeing that change this?

[Ian J]

Your husband guaranteed that he would repay a business loan personally if the company was unable to do.

Directors of a limited company do not have personal liability for the company's debts unless they waive that right to certain creditors by personally guaranteeing it which is what your husband has done.

[TLT]

I thought this was the case. They knew at the time that he had nothing to guarantee it with.


Thank you for the advise.