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Ltd Company Debt-


Tawnyowl
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Am slowly getting to grips with my personal debt. Just managing to hang on to house etc.

I have a small company probably the smallest in country.Put my own money into company and employed family member as Director.After 3 years asked for 10% of each job to pay back money slowly put into company over 3 years.

I even taught this CLOSE family member the job.

His attitude totally changed and began to work with a subcontractor we employed for a short while.I had given him trust even as far as giving him control of comp phone. I believe they still sometimes work on reccomends from the time the comp was operating.

Like i say this was a close family member who i would have trusted with my life.Good job i did not.

I am presently working- just- and rely on people stopping me liking what i am doing and asking me to work on their houses.If i manage to get through this winter there is a chance of survival-we will see.

My question is this there are debts in the company,

I leased a van which due to the struggle after the break up was sent back

just before it was taken back probably owe 500 on lease.

There are other debts as well probably mounting up to 2-3000 pound.

I have personally lost 15000 roughly.

Do you treat debts in a LTD company the same way as private debts and go through the same procedures.I have allready been taken to court by a local newspaper and am paying them 20.00 a month- fair enough.Due to my present circumstances i could only offer token payments to any more.

Any advice appeciated

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Well, a limited company is a legal person in it's own right and so it is the company that owes the money not you. However, many creditors will include in their contracts a clause to the effect that directors will be personally liable for the debt if the company cannot pay. That does not necessarily mean that one director can make another liable for the company debts unless they both signed the agreement. Pay banks include a clause to the effect that signatories are liable. You need to check the terms of the finance agreement. You also need to be sure that the local paper did indeed contract with you and not the company.

  • Haha 1
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