can you tell me a bit more on the company credit cards plz? thanks for all the info guys, i really appreciate

hiya, i'm a newbie so i need all information in layman terms please and soz if wrong section. ok, i am planning to go in partnership with 2 friends, all you need to know bout the company is that its gonna be a limited company and is gonna start from scratch. we are going to put £9k (in total) of our own money and ask for £70k-£90k business loan. if just say, god forbids, the business doesn't work well and cant keep up the payments for the lease or bank, what will the bank do? :???: - we are not gonna put security (eg house or anything) - its a limited company - there are 3 shareholders i'm just confused as my friend assures me that we will not have to pay it back as it gets "liquidated" (woteva that means) from the business. i dont wanna get into anything that i dont know about. and how does the bank benefit from this??? any info would be appreciated Shattered