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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7620
Experience:  BA (Hons), PgDip, Practising Solicitor
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MyCompany has gone into liquidation averything has been sorted

Resolved Question:

MyCompany has gone into liquidation averything has been sorted other than the bank.
There is an over draught outstanding.
All the payments and other transactions and cheque book were under the Company's name. I have signed a personal guarantee of which I have a copy.
My question is:What is the best way to deal with the Bank? and in wiew of the fact that all the trasactions were made in the name of the Companywhat are my obligations?
Would there be any government help?
While awaiting for your answer Ithank you for your help.
Submitted: 7 years ago.
Category: UK Law
Expert:  Thomas replied 7 years ago.



Thanks for your question.


The creditors of the company can only seek to enforce the sums they are owed against the assets of the company unless personal guarantee where taken out.


I assume that the personal guarantee which you signed exposes you to the liability of the overdraft and, as such, the bank will be entitled to seek to recover the debt from your personal assets unfortunately (that's the point of the guarantee).


It's best to be pro-active with the bank and engage them on the subject, burying your head in the sand will only precipitate enforcement action being taken quicker than would otherwise be the case.


There is no help from the Government in this case I'm afraid.,


Do you own a home or have other personal assets?


We will obviously continue this dialogue, but if you have found this useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,



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