Dissolved company and personal directors guarantee

[castortroy26]

hi all...

 

my company was dissolved over two months ago now and i believe that i have paid the majority of my oustandings to the HMRC, I was told by my accountant once the company is dissolved then thats it all the debts are written off as the company is struck off companies house.

 

As far as I am aware I am not in receievership, administration or anything like that.

 

however I did have an overdraft with the bank and that was under a directors guarantee.

 

I was owed two weeks worth of wages which should have gone into my bank account but whatever reason they did not and were bounced back to the payroll.

 

now the bank want the money from their overdraft so i want the money which is held by payroll to offsett them.

 

technically i am no longer trading as a company right now but i am not sure if the bank has just frozen the account (which begs the question if so why didnt the payment go in correctly in the first place) and secondly if it isnt still active where would the money go and thirdly can they pay me the money directly if the account is frozen but can take payments?

 

obviously i would like that money to be offsett against the overdraft which i owe the bank.

 

on a seperate note then ermm... i know longer work for that company but someone else. so that should be okay. if i do owe the hmrc money will they take that money and come chasing after me for anything else i might owe?

[honeybee13]

Hello there.

 

I'll move your thread to the HMRC subforum here, where you should get some help.

 

My best, HB

[Gbarbm]

The only sure way to bring your liability under a personal guarantee to an end is either to ask the bank to release you in writing (don't hold your breath) or to find the provision in the guarantee document allowing you to terminate on notice. This will cap your liability under the personal guarantee to the amount owed by the company at that time. You should only do this where the company no longer requires the facility or you cease to be a director/shareholder as inevitably the bank will want the money back. Tactically, notice should be served when the business owes the bank as little as possible or preferably nothing at all.*

Lastly, only ever sign a personal guarantee if you are comfortable with the risks.

Tactics to use if a personal guarantee is called in

 

If the worst happens and the personal guarantee is called in by the bank when your business doesn’t have the funds to repay it, for example if you go into administration, you should take early advice and carefully consider the options available to you as the implications of the bank taking legal action can be severe.

 

You may firstly want to examine whether the guarantee is likely to be enforceable by the bank. For example, is it backed by a charge on your house; was independent legal advice given and can the original signed document be located by the bank?

 

The next stage is to look at your ability to repay the money. If the bank has a charge your house or believes there are other assets sufficient to repay the full amount then the room for negotiation of a lower figure in full and final settlement is more difficult, but not impossible. If you have little means to repay then the bank will take this into account during negotiations.