resignation as company secretary

littlemissbewildered

I have resigned as company secretary from the business that I was running with my husband, due to the fact we are separating.

He has told me if the company now runs into difficulties that as a previous company secretary my house can be used as payment for any debts owed for up to 2 years. Although I cannot see this happening as the company has no debts and cashflow is good.

Is his information correct?


The house has no mortgage and is in my name only.

zygurat789

littlemissbewildered wrote: »

I have resigned as company secretary from the business that I was running with my husband, due to the fact we are separating.

He has told me if the company now runs into difficulties that as a previous company secretary my house can be used as payment for any debts owed for up to 2 years. Although I cannot see this happening as the company has no debts and cashflow is good.

Is his information correct?


The house has no mortgage and is in my name only.

A mortgage is not only a loan from an institution which is charged against the property and repaid monthly.
It is a charge on the property. There may be no loan and no repayments.
This frequently happens to support a loan to an Ltd. It also frequently happens that the bank do not release the charge when the loan is repaid. The security is, therefore, still available to support another loan, which in this case could happen without your knowledge, the fact that you have resigned as Co sec does not affect this.
Do you remeber going to the bank to sign any forms, do you remember signing any bank forms?
You should contact the bank and get them to confirm, in writing, that they do not have any charge over your house and if they have take steps to remove it.
You can also check with The Land Registry as to whethor not there are any charges registered against your house. Costs about £6.
Make sure your resignation form isubmitted to Companies House. You will not be liable for any debts incurred by the company from now on.

colino

OP, have you also resigned as a Director and given up your share-holding? Was the matrimonial house used as collateral at any point?
Sounds like you need a better solicitor than just a local hack for your separation.
Then again, evil ex-husband may well be winding you up.

littlemissbewildered

Thanks both very much appreciate your input

The house has never been used as collateral and the company has never taken out any loans.

Although I will check everything out that has been suggested

Aquamania

Some replies on your duplicated thread here:
https://forums.moneysavingexpert.com/discussion/4895854