Can the bank take money from another account?

MS_Dolphin

Hi,

I'm looking for a little guidance.

I know that banks can legally take money from for example a current account towards payment of credit card or loan debts in certain circumstances.

If I have a limited company business account set up, can they do the same?

The Ltd company is obviously not in my name, but mine is the sole name listed on the account.

Any help would be greatly appreciated.

Thanks.

Tixy

No

A limited company is a seperate legal identity in its own right. Under no circumstances should they use money from there to offset personal debts.

DarkConvict

I agree, it does LTD and PLC are separate legal entities and have limited liability in all aspects. They can't take money from the business to pay personal debts.