My head may explode please help.

melsa24

Hi all could do with some advice. We have a limited company. A 8k over draft with a directors guarantee on it and 9k in business loans taken ut before we went limited. 11k debts due to suppliers.
Fiance was adviced to gain employment before taking the next step eg closeing the doors on the business. No assests in the business so what will happen to that debt. And the 8k and 9k due to the banks what will happen regards that? I do not want to loss the house. Will the debt before going limited have to be dealt with diferently?? Even though i know we have to do this because our debts far outweigh the money coming in i am seriously so scared about it al happening. Please someone put my mid at rest that this is for the best.

skylight

Limited company debts will remain within the business when it closes. The directors guarantor one though will find the directors are chased equally for this amount until its paid or the directors themselves declare BR.

The pre-limited debts; if those were personal ones and remain so, then you would be liable. If they have been taken over by the limited company then they go with the company.

Unless you and they other mortgagees are unable to service their personal debts then your home should be AOK. BUT:

Have you spoke to the Business Debt line??? http://www.bdl.org.uk/ Very important you get proper advice.