R
rossc
Guest
I was director of a company and advanced a cash sum as a loan to the company. Also I had signed an overdraft guarantee for the company.
I am no longer a director of the company and would like to know how I go about getting the loan repaid and also having my personal guarantee removed. The bank tell me that the other directors who also signed the loan need to cancel original overdraft and negotiate another one. This means that even though no longer involved in the company I am still liable for their overdraft and nothing can be done as remaining directors are unwilling to cancel the initial overdraft agreement.
I am no longer a director of the company and would like to know how I go about getting the loan repaid and also having my personal guarantee removed. The bank tell me that the other directors who also signed the loan need to cancel original overdraft and negotiate another one. This means that even though no longer involved in the company I am still liable for their overdraft and nothing can be done as remaining directors are unwilling to cancel the initial overdraft agreement.