Bounce Back Loans and Separation

Niknac

Hi, I am asking for advise for my sister. Her husband has his own buisness for which she was a shareholder. They have separated and sold the house and agreed he would pay a figure to buy her out of the buisness which has now money has transferred. Apparently she has found out that he took out a bounce back loan for buisness and she has received a letter today to say that she owes 50k. Is she liable? 

Grumpy_chap

Is the business a Ltd Co?

MEM62

Insufficient info to go on.  As already asked, was this a LTD Co?  It does not necessarily have to be for her to be off the hook but the sale of her interest in it will need to have been properly documented and she needs not to have signed any personal guarantees. (PG's were not usually needed for BB loans as far as I am aware as they were underwritten by the Government)  Also, and importantly, why are they writing to her about the debt?  Where did they get her details from?     

MEM62

Grumpy_chap said:

Is the business a Ltd Co?

Guess we will never know.