LTD Company , bank account and debt

**King Cnvt** · 31 May 2007, 16:21

Whatever happened to "limited liability"?

Ask an accountant or lawyer. It might just be scare tactics by a debt collection agency.

**ASB** · 31 May 2007, 16:33

Originally posted by DGK

I joined a team of two and started a limited company about three years ago. About a year ago I resigned as a director and they carried on without me. They've recently thrown the towel in and are no longer trading. The company's bank account is -£800 , the bank are chasing me for it and say that I'm responsible as I was the one who actually went in and opened the bank account on behalf of the company.

Is this true?

Are you liable?

Did you sign a guarantee?

If you did ask them for a copy of it too.

**expat** · 31 May 2007, 20:50

Originally posted by DGK

I joined a team of two and started a limited company about three years ago. About a year ago I resigned as a director and they carried on without me. They've recently thrown the towel in and are no longer trading. The company's bank account is -£800 , the bank are chasing me for it and say that I'm responsible as I was the one who actually went in and opened the bank account on behalf of the company.

Is this true?

Responsible because it was you who performed the operations required to opened the Company's bank account? That's a laugh.

Responsible for some other reason? Get them to tell you more.

**VectraMan** · 31 May 2007, 21:36

I could be in the same position, as it happens.

But I'm pretty sure as a non-director I'm certainly not liable for the company debts even if the company gets up to some very dodgy things, and I haven't personally guaranteed any borrowing.

I do wonder as a signatory on the account have you agreed to be personally laible for any bank charges or fines? I could believe that being in the small print, although I don't recall anything like that.

It does sound like the bank are just trying it on.

LTD Company , bank account and debt