Lloyds Iqor advice needed

[Quell]

Hi I am new to this....

Bankground info

 

I had a joint lloyds business account with my ex partner, who up and left resigned from the bank and Ltd Co in March 2010

There was a overdraft and CC which we had to sign joint and several guareentees on. Which were reviewed each June. The last review attended was June 2009 where we both signed the Joint and several.

OD - 10K

CC - 5K

 

Following the resignation I contacted LLoyds and a meeting was arranged which was cancelled by my business manager. I then had my OD facility withdrawn and excess borrowing fees adding to the account.

Attempts where made to contact Business manager which all failed to advise that due to my ill health the company was being closed. I then received a letter stating that the OD had been approved untill June 2011, and request both parties signand return the joint and serveral aggreement. Which I never signed or returned.

 

I then finally spoke with an accounts manager and advised that the company by then had closed and I had no funds available to clear the amount owing on the account (10K) he informed me that my business manger no longer worked for LLoyds!!! And had no record or letter on file that my ex partner had resigned.

 

In the last 12 moths I have had demands from Lloyds, Moorcroft. Then Westcot who i did telephone and ask for proof that I signed for the OD and CC facility. They sent a letter back in June saying that a door step collector would call.

 

The next letter I received was 2 weeks ago from Iqor which states they are planning to send a doorstep collector.

 

I know this has been a long drawn out thread but is there anyone that could advise me please.

 

Am I still responsible for the Company Debt if I never signed the OD or CC paperwork?

 

Regards

Quell

[HOWLER]

hang on in there quell

sorry i cant comment but im sure you will get a reply this evening from someone with more experience.

cheers

HOWLER

[Quell]

Hi Howler

thank you for your reply, I do hope so as I have no idea on these matters never been in this situation before and never want to again, just want it sorted.

Regards

Q

[dx100uk]

simple ans is no i think, it was a ltd co?

 

have a look in the business forum

 

dx

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/forumdisplay.php?196-Business-Bank-accounts-and-charges

[ims21]

Hi

 

I'm not sure that this is as simple as it may first seem and the OP may need to do some more investigating.

 

The lending facilities were offered to the company on a condition that a J&S director's guarantee was signed. This means that the directors would have been liable in the event of the failure of the company to meet its obligations.

 

Now, it appears that these facilities were up for review on an annual basis and all was going fine until one of the directors resigned etc. At that point the bank would still have been "safe" as they had the other director to go for.

 

Now, this meeting for renewal was arranged then cancelled and never took place with the "manager" responsible leaving the bank. The bank then decided in the absence of a meeting and in the absence of renewal signatures to continue the facilities but at that time to send the paperwork out to invite the signatures n a J&S guarantee. This document was never signed.

 

So to me it depends on the wording of the J&S. If the J&S is not time bound i.e. to be effective for 1 year then it is an ongoing J&S guarantee and those who signed can still be liable. In my opinion this would include the director who has left. This then begs another question...when the outgoing director left, was their a written document which absolved him/her of all rights and responsibilities (including financial commitments) in regard to the company?

 

If the J&S is time bound, i.e. it states specifically that it expires on a specific date then it would seem to me that at that expiry date the directors are relieved of their guarantee. On that basis it may be that the directors are not liable for any future facilities if the bank afford such facilities without getting a guarantee signed first.

 

I think a detailed look at the paperwork is required here to establish what the wording of various documents is.

 

IMHO of course

 

Regards

 

ims

[Quell]

Hi ims

Thank you for reply,

what paper work would be helpful? Unfortunately I know very little about these matters as my ex partner dealt with everything, but have been left to sort out affairs!!

Regards

Quell

[ims21]

Hi Quell

 

I think you ought to be looking closely at the J&S documents that have been signed in the past to see what the actual wording is.

 

In addition I think you ought to dig out any paperwork that was drawn up on the event of the director leaving and see what was on that. (This assumes that some paperwork was drawn up).

 

Regards

 

ims

[Quell]

Hi forgot to add,

my ex told me that she handed the resignation letter to the business manager 'that has since left', she states she has a copy of this with the banks official stamp on. I have not seen this, and according to the manager that took over the Co account there is no letter on file, but saying that there is no record of a meeting both directors had with the said business manager.

Any help no matter how little is very much appreciated.

Regards

Quell

[ims21]

Its a trick one.

 

Do you not have any of the company paperwork, bank correspondence etc?

 

Is your relationship with your ex good enough to ask for a copy of that resignation letter?

 

Regards

 

ims

[Quell]

Hi ims

I do have some paper work which I have been looking at.

I am unfamiliar with legalities but it does look as if the OD was on a yearly review and the guarantee was signed by both parties for a total sum.

But surely if a director resigns then that guarantee is void and the remaining director would have to take out the guarantee on their own. Which as explained I tried but could not reach my business manager and it wasn't until about a month after the Co was closed that finally someone from Lloyds spoke to me.

Regards ex I have asked for a copy but never received it!! communication has now broken down

Not sure which way to turn now as I have no assets, the property was sold which just covered the outstanding mortgage, I am in rented accommodation.

Regards

Quell

 

[ims21]

Hi ims

I do have some paper work which I have been looking at.

I am unfamiliar with legalities but it does look as if the OD was on a yearly review and the guarantee was signed by both parties for a total sum.

 

Agreed, the directors would have signed for an amount...it could have been specified or could be open, subject to a limit.

But surely if a director resigns then that guarantee is void and the remaining director would have to take out the guarantee on their own.Not necessarily. With a Joint and Several it is likely that the remaining director could remain liable on their own. This is why I asked what paperwork was drawn up on the resignation of the outgoing director. Which as explained I tried but could not reach my business manager and it wasn't until about a month after the Co was closed that finally someone from Lloyds spoke to me.

Regards ex I have asked for a copy but never received it!! communication has now broken down

Not sure which way to turn now as I have no assets, the property was sold which just covered the outstanding mortgage, I am in rented accommodation.

Regards

Quell

 

 

I am going to ask around for some more input on this because, as I said, its a tricky one. At the moment I thinking that it may be necessary to seek some professional advice but hang on and I'll see if I can drum up some more input.

 

Regards

 

ims

[Quell]

Thank you so much ims.

Regards

Q

[citizenB]

Might be worth sending a pm with a link to this thread to either donkeyB or vjohn82.. if I think of anyone else, I will post up.

[Quell]

Hi thank you for reply, sorry but can you pleas explain how I send a PM?

Regards

Q

[citizenB]

Oh right.. go to the very top of the page and you will see "notifications".. click on that and a new page will open up.

 

You will see to the left.. "send new message" that will open up a pm box from which you can sent messages to caggers.

 

If you are struggling.. just yell and I will send the S.O.S. for you

[citizenB]

S.O.S. sent for you

[vjohn82]

OP: Was it your own company or were you just a director?

[Quell]

Hi thank you for reply.

I dont know wre to start, it seems such a mess, and I know I am in a blind panic. I do hope you can point me in the right direction!

The Company was Ltd and I was a director.

I did post a thread regarding this - Lloyds - Iqor which gives much of the info, if you require I can copy this onto this thread.

There are 3 debts

Lloyds Business Account

MBNA CC which is in default

EGG CC which I have received solicitor lettter

 

Any advice would be most welome

Regards

Q

[Quell]

Hi Thank you so much

Regards

Q

[vjohn82]

You're going to need to send me the Articles of Association so we can see what the liabilities of the Directors is upon resignation.

 

VJ

[Quell]

Hi that might prove difficult as firstly I haven't a clue what this is and secondly, according to Lloyds they say they have not record of my ex partner resigning although she stated that she had a copy of her resignation stamped when she took it to Lloyds Branch.

Regards

Q

[vjohn82]

Hi that might prove difficult as firstly I haven't a clue what this is and secondly, according to Lloyds they say they have not record of my ex partner resigning although she stated that she had a copy of her resignation stamped when she took it to Lloyds Branch.

Regards

Q

 

You were a director; why don't you know what the Articles are? Go to Companies House, find your company, go to the "order information" screen and buy the file that says "Articles of Association & Memorandum". It'll cost you £1.

 

We really need to see what liabilities the directors have before advising. At this point I would also advise finding a company lawyer of some kind if you genuinely dispute responsibility. This is a site generally for consumer issues. Business transactions like this involves lots of complex law and the Companies Act 2006 is an immense document to get through. That's not to say we can't help, but if you don't know what the Articles are you might struggle grasping some of the technical points on here.

[Quell]

Thank you for your time, Yes I was a director but basically that was all it was, I had no dealings with any issues of the Company my ex tool control and it wasn't until she resigned that I have had to try and pick up the pieces.

The company is now disolved but I will look on companies house site.

Regards

Q

[vjohn82]

Input or not, only the Articles will tell you how much you really let yourself in for. It's a lot of responsibility.