Closing the company

[mawaq]

Hi

I had business account with HSBC whom I used £2000 by using their business credit credit. which I couldn't return because of financial problems and loss. HSBC closed my business account and credit card and told me that they are going to pass my details to third party debt collector and told me I have to deal with the debt collectors directly.

Its almost a year now and I haven't heard any anything from HSBC nor any third party debt collector.

Now I want to close my company (struck off ) which is not working for the last 18th months.

should I solve this debt issue or I can start the process without informing HSBC?

suggest me please

Regards,

[Darren at Fox-Bartfield]

Company

Given the company has debts and you're fully aware of what's outstanding, signing a DS01 (link) could open you up to all manner of problems.

Did you sign a personal guarantee on the credit facility? If so, then you're personally liable on the debt whether the company is closed or not. If you sign the DS01, you're legally obliged to notify all creditors (including the bank) within 7 days that the company is to be struck off which is likely to kickstart them into action.

[northernladuk]

Not hearing anything from a debt collection agency is not always a good thing. When they do contact you it's going to be quick and hard so I'd be a bit more proactive about it personally. That's if your finances allow it of course.

[Lance]

debt collection agency probably bought a job-lot of debt. And chase them in order of value. They will come.

As Darren says though, if you've personally guaranteed them then you're still liable.
I have a fiver that says it is with a personal guarantee as banks don't give credit to companies that aren't proven as credit worthy. Your company isn't.

[missinggreenfields]

debt collection agency probably bought a job-lot of debt. And chase them in order of value. They will come.

And if you can't pay, they'll take it away...

[SueEllen]

If you now have the money try and settle the debt. Though be aware they are likely to chase you for twice the amount due to interest and charges.

If you gave a personal guarantee expect a black mark on your credit file.