Chased for Paypal Business Account

[Acydman]

I have just folded a business and handed it over to liquidators to deal with but we had a paypal account which I started but converted to a pay pal business account as I was only doing business purchases through it. THe balance is £100 minus but I now have had a letter from iqor chasing me for the business debt.

 

Any cluses where I stand with this?

[unclebulgaria67]

Have you spoken to the people that dealt with the liquidation ? Or pointed IQOR in their direction ? That is what I would suggest that you do.

[BazzaS]

Were you a sole trader? A partnership? A limited company?

[Acydman]

it was a limited company, we started out as a general paypal account and converted to pay pal business so had to go through verification as in supply company registration cert etc.

 

As for the liquidators its £100! they have bigger creditors to worry about and weren't very helpful.

[BazzaS]

it was a limited company, we started out as a general paypal account and converted to pay pal business so had to go through verification as in supply company registration cert etc.

 

As for the liquidators its £100! they have bigger creditors to worry about and weren't very helpful.

 

If it was ltd company and you never gave PayPal a personal guarantee to cover the company's debt(s), then refer PayPal to the liquidators.

In the absence of a personal guarantee you have (in the ordinary course of business - so provided you haven't breached your responsibilities as a director): no responsibility personally for the debts of the company.

 

Was it initially your personal PayPal account? If so, when it converted to a business account was there any discussion of transfer of liability / personal guarantee?