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Business account - Dissolved company & Charges - Thoughts please..


andrew1
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A Limited company was dissolved last year ( not liquidated ) it had a few debts but not a lot and the Director decided it was best to Dissolve the company. During its relatively short life ( 5-6 yrs) its bankers ( who I won't name here for the time being) made heavy excess fee charges every time the account went O/D. I have only seen about 25 -30% of statements and we are already @ £1400 and the worst period is yet to come.

 

The Director had put alot of his own money into the company and had borrowings to support the company's cashflow, so feels justified in trying to get these unlawful charges back which effectively contributed to the companies demise as the bank charged a hefty quarterly business account fee as well for ' management intervention and processing ( okay a fee for services and un reclaimable). However, the excess fees are going to be high.

 

Can anyone tell me if it would be possible to claim for a ' dissolved' company. Bearing in mind this was not liquidated with a bundle of creditors or a liquidator involved.

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A Limited company was dissolved last year

 

Can anyone tell me if it would be possible to claim for a ' dissolved' company. Bearing in mind this was not liquidated with a bundle of creditors or a liquidator involved.

 

I am afraid not. Unless there was a directors guarantee against any of banks borrowings, which the directors had assumed responsibilty and ultimately paid off.

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I am afraid not. Unless there was a directors guarantee against any of banks borrowings, which the directors had assumed responsibilty and ultimately paid off.

 

Yes there was always a directors guarantee and the o/d was paid off. So would that make a difference?

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I think there might be some mileage in doing some creative work to pinpoint how the amount paid of by the director/s was made up. IMO if for example the amount was paid off from a seperate account created after the demand for sums owed under the PG, then I think there may be a prospect of challenging the charges as owing to the director personally, but if the director paid into the business account to clear the amount then thats a different game alltogether. I hope you get the jist

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Hi all,

 

sorry for appearing a bit slow to catch on, but why would it make any difference whatsoever what type of account it was, or whether it was a business account or any other.

At the end of the day the bank took lots of money in unlawful fees which are recoverable surely ?

 

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I claimed for a business account that was closed year ago mind you it was not a ltd co just a partnership. I filed a summary case and got all my money back. One thing that did worry me a little when the bank paid a cheque in the companies name. I was not sure if I could deposit it in my personal account. Luckily I was known at the branch and nothing was said by either parties. I even told the teller that this was the result of my sueing the bank:D i did th same with another business account unfortunately it was only a small amount but both cheques were deposited in my personal account.:D

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Andrew1,

 

sorry i dont agree as just becasue a business no longer aperates or is dead as you say, what difference does that make. The charges were still applied to the account and you have the proof by means of the statements, just because there is no live account anymore is irrelevant.

I am in the process of claiming back charges on an old business (now dead) but i have the proof by means of statements that the bank made these unlawful fees, and im still alive so therefore im entitled to get these charges back.

The bank cant argue that just because the business doesnt exist anymore they have the right to keep money they took unlawfully.

The business had partners and or directors ect which presumably are still alive so why cant you claim ?

i am and i wont take any weak argument like that from the bank, sorry if im misguided but for me its very black and white.

The bank is in the wrong, im right and im having my money back with interest.

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Here, if you feel i have not helped you then click Here, if you want to complain about this go Here, if you would like bank secrets then go Here.

 

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The business had partners and or directors ect which presumably are still alive so why cant you claim ?

i am and i wont take any weak argument like that from the bank, sorry if im misguided but for me its very black and white.

The bank is in the wrong, im right and im having my money back with interest.

 

It depends whether by business you mean a PARTNERSHIP, SOLE TRADER OR A LTD.CO.

 

For the purpose of claiming bank charges you are quite right it makes no difference whether the Partnership or sole trader is trading or not, you could go ahead and make a claim for the charges. But if it was a LTD company which has since dissolved then I am afraid you will not be able to claim charges, in law the LTD is a seperate legal entity.

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Hi Humbleman, this is getting intriguing - your post above : "but if the director paid into the business account to clear the amount then thats a different game alltogether"

 

Could you expand upon your thoughts a little..

 

I believe, and I haven't had this confirmed yet, but I believe the Director took out personal finance loans to offset shortfalls in the company's cashflow. Part no doubt would have gone on persoanl items but larger sums would have gone into the company - Ill check it out once I get the full picture from his statements, but that's the jist I feel. The company supplied temp personnel so was heavily reliant upon positive cashflow, the banks charges, which were steep by anyone's imagination, took it's toll on the company.

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Hi Humbleman, this is getting intriguing - your post above : "but if the director paid into the business account to clear the amount then thats a different game alltogether"

 

Could you expand upon your thoughts a little..

 

If the director paid any monies into the business account then he could not claim charges arguing that it was his money, since he would just be treated as an unsecured creditor for all intense and purposes.

 

For future if a director is going to discharge any liability in respect of a personal guarantee to the bank, i would always insist on a bank to open a seperate account to discharge that liability, so that there is a clear cut transaction that can be identified for the future.

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If the director paid any monies into the business account then he could not claim charges arguing that it was his money, since he would just be treated as an unsecured creditor for all intense and purposes.

For future if a director is going to discharge any liability in respect of a personal guarantee to the bank, i would always insist on a bank to open a seperate account to discharge that liability, so that there is a clear cut transaction that can be identified for the future.

 

Thanks for that, but if there were little or no creditors?

 

and what if the monies were loaned from a separate finance company other than the bank where the business account was - wouldn't the transaction showing on the business account be sufficient to identify it as a 'personal' loan to the company.

 

What I am trying to get at ( and I'm sure you appreciate although others commenting on this might not) is that this company, run and financed generally by one individual and caned by the bank which effectively forces him to close because of the insessant charges and the cashflow implications, ought to be able to reclaim those charges if they are unlawful to balance off the losses he incurred.

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  • 1 month later...

I am a Director of a Limited company forced out of Business by Barclays. The business had a secure loan and this was guaranteed by both directors and when they took us to court to get their money we entered a counterclaim. The case has been going on for over two years however we have decided to pay Barclays off in full in order to stop Barclays jeopardising our counterclaim. The counterclaim includes all the charges and mal administration of the account. We have the understanding that because we personally paid off Barclays that we can get the charges back! not the administrators or creditors.

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Begs a few questions lastlaugh if you don't mind. You say you had a ' secure loan' was this by way of a secured overdraft facility or a loan for something else for the business?

 

Also, you say ' you have the understanding' - where did you get that advice from?

 

Just helps understand how these are being treated by the banks. Has the company actually been 'dissolved' ie is the liquidation complete now and what kind of liquidation was it?

 

Thanks for sharing this with us..

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Hi Andrew,

 

The loan and overdraft were secured with personal guarantees. We are employing a Solicitor who specialises in action against banks and we have been told that if we have cleared the loan and overdraft personally then we can claim back the charges etc. We have also been told although it was a Limited company we are still people with rights and we are therefore seeking damages over the banks oppressive behaviour.

 

We put our business into administration and it has since been dissolved. We have also been told that charges can go back six years from initial complaint and so if anybody has complained about a charge furtherback they can go back as far as that date.

 

I hope this helps.

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Thanks for that. It is very useful to know how each persons situation has developed. I think we all ( and I have had a company go into liquidation, so I know how oppressive the bank actually becomes when cash flow gets so tight and tighter each time they add a charge) have different circumstances but as a company there are only a few connotations which we can compare. But thank you for this I appreciate your contribution here.

 

Also, Bankfodder ( he who set this forum up with Dave) has posted some interesting points regarding the 6 yrs which you might like to look into. Too much for me to post here, but the Limitations Act, because of the banks knowledge and actions, he sees as being an Act which can no longer apply or used in defense. You might find the concept interesting. He is certainly encouraging claims in excess of 6 yrs now. take a look:

 

http://www.consumeractiongroup.co.uk/forum/announcement.php?f=56&a=80

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Hi Andrew

Thank you i will certainly take a look. I will actually ask my solicitor directly by email for his confirmation/reasoning on payment. The Solicitor we are using has never lost a case and specialises in taking on banks unfortunately many people have to sign confidentiality agreements and so we dont hear about them! I will let you know what he says.

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Hi Andrew,

 

The loan and overdraft were secured with personal guarantees. We are employing a Solicitor who specialises in action against banks and we have been told that if we have cleared the loan and overdraft personally then we can claim back the charges etc. We have also been told although it was a Limited company we are still people with rights and we are therefore seeking damages over the banks oppressive behaviour.

 

We put our business into administration and it has since been dissolved.

 

I hope this helps.

 

This is very interesting, please keep us posted on this.

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  • 5 months later...
  • 3 years later...
We have also been told although it was a Limited company we are still people with rights and we are therefore seeking damages over the banks oppressive behaviour.

 

 

It would be interesting to know how Lastlaugh got on with his attempt. He's still around (logged on 9th May), so perhaps a PM could persuade him to respond.

 

I think the approach outlined above is worth exploring further. It worked for me, although I was a sole trader.

 

Els

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