Director of a dissolved company

[Taxman]

A company that I was previously a Director of was voluntarily wound-up or dissolved. I have my suspicions that this is affecting the credit rating of the company that I am currently a director of but I don't understand why

Does this sound likely to you? Is there anything that I can do about it?


Thanks

Melanie,

It's possible that the newer company does not actually have an adverse credit rating. A company is a legal entity in its own right and most suppliers will simply not provide credit until there are 3 years accounts available (in much the same way that a newly self-employed trader can struggle for mortgage lending etc because he doesn't have a business history yet).

This would normally affect the company for standard items you would not think of as 'credit', such as mobile phone contracts. That does not however mean that the company has an adverse credit rating - merely that it is a young company that has not yet established a real credit rating.

May I ask, what makes you think there is a problem?

If the question was indeed posed because the compny was turned down for something, you may find you are able to rectify matters by offering a personal deposit. One thing you have to realise with companies is that they have limited liability (that's why you will never get a cheque guarantee card for a company account) and suppliers are therefore wary. They don't have the same comeack as they would if an individual was to renege on a debt.

For what it's worth, even if the previous company had failed to meet a liability, it would not normally affect the new company - they are distinct and separate legal entities.

Hope this helps...

[ASB]

Does this sound likely to you? Is there anything that I can do about it?

Thanks

1 - Yes
2 - Yes

Get a copy of your personal credit file, also your companies. Verify their accuracy. Add a comment if you feel appropriate.

If the orignal company which went into liquidation had any outstanding debts then it doesn't seem entirely unreasonable that lenders might just infer current company could be vulnerable.

If the original company didn't have debts after liquidation then the not you add should reflect this. You are unlikely to be able to disassociate the two - but if you ask the credit agencys nicelt you never know.....

Google will be your friend. One that keeps spamming me is checkmyfile.com.

HTH.

[melanies]

A company that I was previously a Director of was voluntarily wound-up or dissolved. I have my suspicions that this is affecting the credit rating of the company that I am currently a director of but I don't understand why

Does this sound likely to you? Is there anything that I can do about it?


Thanks