question category: Debt Management

Am I personally liable for a bank overdraft for a dissolved limited company?
Submitted on: 21st May 2010 by Non-Member | Total Answers: 1

My limited company has now dissolved - but am I still personally liable for the outstanding overdraft on the business account?

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Re: Am I personally liable for a bank overdraft for a ...

Any debts from a limited company only fall to the directors for payment if
> they have given personal guarantees
> acted fraudulently and the company has been liquidated, or
> continued to trade while the company is insolvent and the company subsequently goes into insolvent liquidation.

If you are unsure or would like further advice, I would advise you speak to a business specialist, you could try Business Debtline at www.bdl.org.uk who are a registered charity.

If you find that you are personally liable for the debt and would like advice on how best to come to an arrangement to pay then please do speak to a debt advisor.

This question was answered by Debt Advice Foundation, an independent UK debt advice charity. If you have a debt problem, we can help you find the best solution for your situation. Debt Advice Foundation provides a free, confidential helpline and can advise you of all your options. Click here to find out more.

Submitted on: 7th Jun 2010 by Justine Member

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