retrocircles
8th April 2009, 14:33
We're in the process of voluntarily winding up our Ltd Co in the form of ceasing trade for 3 months & having Companies House strike off the business.
Everything was running smoothly until today. We've had the accountant draw up our final accounts, sorted corporation tax with HMRC & cleared everything with them, had advice & instructions on what to do next with companies house etc.
The only problem is the bank. 6 weeks ago we saw the bank & told them what we planned to do. We mentioned that we would probably need to close the business bank account, commercial card, and switch the direct debit on the loan to our account. The business person in the bank didn't really know what to do as he'd never encountered this situation before, so he said he'd call us back for another appointment.
6 weeks later we're here, with everything sorted (in theory). So we called & booked our own appointment & ended up having the same conversation!
We currently have an overdraft, credit card & loan. Both overdraft & credit card would be cleared before the 3 month striking off deadline. Leaving only the loan. The ideal situation would be for us to just continue paying the loan from our personal account (which we're more than happy to do). Though the business bank person wanted to switch the loan to a personal loan. Though just having just left this business, I don't have an official job (well I do, just not starting until May), with no income, and so they won't give me a personal loan for the amount. Though I'm the guarantor, was forced to be, and paid £80 for the privilege.
What I don't understand is why they won't give me a loan for the amount, as I'm the guarantor, because I have no income... yet they were happy to sign me up to being the guarantor when I had no job & was about to work for this company! It makes no sense at all.
Alternatively, having spoken with Companies House, they do not have the right or power to check bank accounts for activity. So in theory they would only be notified of any activity through someone speaking up once our striking off notification is published in the London Gazette. Though we run the risk of HSBC speaking up & ruining the striking off plans, pushing us over the deadline of filing full accounts etc to Co. House. Which is why we're winding up the company at this time.
So, what should we do? Can the bank do this? Can the bank in theory force us to stay open as a business because we're not in the position to pay off the loan in full?
I've looked through endless banking terms and conditions, and we have none that cover this area, and no condition for me being a guarantor etc.
:(
Everything was running smoothly until today. We've had the accountant draw up our final accounts, sorted corporation tax with HMRC & cleared everything with them, had advice & instructions on what to do next with companies house etc.
The only problem is the bank. 6 weeks ago we saw the bank & told them what we planned to do. We mentioned that we would probably need to close the business bank account, commercial card, and switch the direct debit on the loan to our account. The business person in the bank didn't really know what to do as he'd never encountered this situation before, so he said he'd call us back for another appointment.
6 weeks later we're here, with everything sorted (in theory). So we called & booked our own appointment & ended up having the same conversation!
We currently have an overdraft, credit card & loan. Both overdraft & credit card would be cleared before the 3 month striking off deadline. Leaving only the loan. The ideal situation would be for us to just continue paying the loan from our personal account (which we're more than happy to do). Though the business bank person wanted to switch the loan to a personal loan. Though just having just left this business, I don't have an official job (well I do, just not starting until May), with no income, and so they won't give me a personal loan for the amount. Though I'm the guarantor, was forced to be, and paid £80 for the privilege.
What I don't understand is why they won't give me a loan for the amount, as I'm the guarantor, because I have no income... yet they were happy to sign me up to being the guarantor when I had no job & was about to work for this company! It makes no sense at all.
Alternatively, having spoken with Companies House, they do not have the right or power to check bank accounts for activity. So in theory they would only be notified of any activity through someone speaking up once our striking off notification is published in the London Gazette. Though we run the risk of HSBC speaking up & ruining the striking off plans, pushing us over the deadline of filing full accounts etc to Co. House. Which is why we're winding up the company at this time.
So, what should we do? Can the bank do this? Can the bank in theory force us to stay open as a business because we're not in the position to pay off the loan in full?
I've looked through endless banking terms and conditions, and we have none that cover this area, and no condition for me being a guarantor etc.
:(