closing down a ltd company with debts!

[Kimbombim]

Hi

I've been reading through the forum for the past few hours looking for info on this subject and found a useful link to a blog about closing down a company with no debts !

Basically my ex boyfriend and I had a ltd company together in 2003 when u had to have a director and seperate company secretary - he was the md I was the secretary - I filed all the accounts etc for all this time - anyhow we broke up 3 years ago - the company stopped trading june 2008 - he has a huge overdraft on the business account which he turned into a loan that is paid out of the business account along with a payment for the company credit card that he maxed out!!!

I've been asking him to see if he could get lloyds to take the payment for the business loan and credit card out of another account ie his personal account so that we can close the business account down and close the ltd company!

How likely is it that the bank would do this? If not is there anything I can do or will I have to be filing accounts till he pays it all back which at the rate he's going paying the minimum could take him 20 odd years

Thanks Kim

 

[wizzard]

has your ex made any personal guarantees?

 

[Kimbombim]

I'm pretty sure when he took the loan etc out that he signed that he was a personal guarantor yes.

 

[wizzard]

I'm pretty sure when he took the loan etc out that he signed that he was a personal guarantor yes.

That means even if the company is closed down the bank will come after him personally for the loan.

 

[Kimbombim]

That means even if the company is closed down the bank will come after him personally for the loan.

Yeah I know that lol - what I'm saying is would lloyds be able to take the payments out of his personal account so that he can close his business one down so that we can close the company down?

I've asked him loads of times to ask them but I think he's just fobbing me off!

Thanks

 

[Spongebob]

I don't see what your problem is. You are not a guarantor of the loan and so have no liability.

Simply resign as Company Secretary and forget all about it (and him!)

He will either have to pay the bank off or go bankrupt.

 

[Kimbombim]

I don't see what your problem is. You are not a guarantor of the loan and so have no liability.

Simply resign as Company Secretary and forget all about it (and him!)

He will either have to pay the bank off or go bankrupt.

If I resign as company secretary I won't get in trouble if he dosnt file the accounts will I ?

He has been fine paying the loan etc all this time so I presume he will just carry on but I want to close the company down - its not traded in 3 years and he's set up another one so -

Thanks for your help tho - much appreciated

 

[Kimbombim]

I don't see what your problem is. You are not a guarantor of the loan and so have no liability.

Simply resign as Company Secretary and forget all about it (and him!)

He will either have to pay the bank off or go bankrupt.

If I resign as company secretary I won't get in trouble if he dosnt file the accounts will I ?

He has been fine paying the loan etc all this time so I presume he will just carry on but I want to close the company down - its not traded in 3 years and he's set up another one so -

Thanks for your help tho - much appreciated

 

[Spongebob]

You can simply resign and walk away. As far as I can see there can be no comebacks.

What he does with the company thereafter need not concern you.