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Hi there,

Hope someone can help us..

This is about a company loan, for just over £30k, which was used to refinance the overdraft on the company current account.

Company ceased trading last year due to becoming insolvent and has since been struck off the register and officially dissolved in November 2018.

Looking at the loan agreement, the security of the loan was a PG by the director for the full loan amount and the loan schedule it also states that there is a Debenture held and granted in the limited company name. 

RBS are actively chasing us for this amount to be repaid, however, the sole director is of Italian citizenship and has absolutely no assets in the UK.  

I want to send RBS the following letter to remind them that the company is been dissolved and whatever PG they have they will not be able to enforce it as the director has no assets in the UK, just uses a residential address for correspondence.  Is there anything they can do as the director lives abroad, with no assets in UK.  Would you suggest I add anything else to the letter?  Thanks in advance!



Dear Sirs,

Re: xxxxx Ltd

Account Number: xxxxxxxx

It is with deep regret that I must inform you that the above company ceased trading, last year, due to becoming insolvent. The difficult decision to cease all trading activities had been forced upon me so as to comply fully with my responsibilities in law as a company director.

Unfortunately, the company had insufficient realisable assets and no funds with which to appoint an insolvency practitioner and thereby initiate a voluntary liquidation, and I was not, and still not, in a financial position to fund this personally, as a result, Companies House struck off the company from the register and the company was dissolved on 20 November 2018, which brought about a final resolution of the company’s affairs.

I live abroad and have no assets in the UK and use the address above as correspondence only.

Yours faithfully,

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