company dissolved with BBL

[allain]

Hey guys, i had a limited company with BBL, last month i received a post that the objection to dissolve the company has been removed, and the the company will go ahead to be dissolved, i missed that post but only found in the spam mail bin, i checked online on companies house website and the company is already showing as dissolved.
I would like to ask if that will clear the BBL, as i don't have any knowledge on how companies work.
Thanks
Regards

 

[JEREMY HAWKE]

You wont be personally liable and going by UKBF general advice and guidance when these loans were recklessly dished out! The bank has not done what the usual suspects on here predicted to my surprise.

You would have expected the bank to object to the company strike off again then take action when the payments were defaulted then follow the recovery process.
The government would then refund the bank when they have shown that they have done everything to recover the funds.

This has not happened and you may have been saved some agro!

 

[Lisa Thomas]

Yes now the company is 'dead' the debt cannot be recovered from the company (unless it is reinstated). The bank will now apply to the government to claw back any balance under the guarantee.

There is a miniscule risk that the Insolvency Services will choose this company to investigate. if that does happen they can disqualify and/or issue compensation orders to directors if they find wrongdoing. They no longer need to reinstate the company to do this.

 

[ChrisCallaghan]

As @JEREMY HAWKE has mentioned, you are not automatically personally liable for the BBL, and now that your company has been dissolved, the debt is effectively discharged. The Insolvency Service have now been granted powers to investigate the actions of directors of dissolved companies, so they may come calling. So long as you used the BBL for the economic benefit of your company, and have not breached your duties as a director in any other ways, you will have nothing to fear from this.

To help others here on UKBF, can I ask how your company was dissolved? Did you request for your company to be voluntarily dissolved, or was it a compulsory dissolution for non-filing? Can I also ask how long it took from the first dissolution notice to now? Another member on this forum has been waiting 20+ months for her BBL lender to cease objecting?

 

[ChrisCallaghan]

There is a miniscule risk that the Insolvency Services will choose this company to investigate. if that does happen they can disqualify and/or issue compensation orders to directors if they find wrongdoing. They no longer need to reinstate the company to do this.

@Lisa Thomas beat me to it!

 

[Lisa Thomas]

I was quick off the draw today, Chris!

 

[allain]

I would like to ask,
now what is my position as a director?
Am i still a director? if yes how can i remove myself and stop being coming in searches?
Thanks

 

[JEREMY HAWKE]

I would like to ask,
now what is my position as a director?
Am i still a director? if yes how can i remove myself and stop being coming in searches?
Thanks

I dont think you can and it is all part of your obligation as a director . Part of this is being in the public domain.
You have come out of this very well in my view so lets just be happy with what we have and stop expecting too much
As is so often repeated on this forum . When you take on a directorship you have responsibilities . If you don't want these obligations then don't take the job on!

 

[WaveJumper]

I dont think you can and it is all part of your obligation as a director . Part of this is being in the public domain.
You have come out of this very well in my view so lets just be happy with what we have and stop expecting too much
As is so often repeated on this forum . When you take on a directorship you have responsibilities . If you don't want these obligations then don't take the job on!

I have the impression over the years on this forum many don't bother to find out what their responsibilities actually are, and more concerned with hiding behind the ltd status and the protection they feel this offers