Limited account to soletrader account.

[medi1977]

I have a small limited company with £5000 overdraft (2000 overdrawn currently) and loan on the account of 6000.

The same income will be coming in as soletrader , as limited.

Is it possible to close off limtied company and keep the overdraft/loan on same account as soletrader, or will I have to close down the limited bank account completely and setup new soletrader account ? although if I do this will the bank take away the limited overdraft .

Ideally before approaching the bank I want to know if I can keep the existing facilities and transfer to sole account.

 

[Scalloway]

I would think the bank would need you to set up a new sole trader account.