Ltd company dissolved what happens to credit card debt

T

Tulle 44

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Large debt on ltd company credit card.
Wrote to the bank requesting paperwork that opened the account . They said they could only give information on a live person. Turns out the other director of the credit card had died. Then I discovered the ltd company was dissolved .
So what situation does that leave me in . Am I liable or is it written off as the company is dissolved now.
 
The debt was incurred prior but I continued to make an effort to pay it off in full every month until last year when I could no longer pay it
The other director made no effort to help in anyway at all
 
Well, the company owes the debt, not you. Unless you gave a personal guarantee over the debts.
 
I don’t think I did
I requested all the paperwork from the opening of the account but they refused to give it to me because the other director has died . The bank have given it to a debt collection agency because they said I had not contacted the bank but I had and had proof of same as I had registered the letter and received a reply back from the bank and had called 3 times and discussed the situation with them .
 
You need to stop paying it, gather the evidence you have and see what they do. Don't engage with the debt collector at all. If they come up with a court date (unlikely) simply appear and explain your story to the judge. I suspect they will eventually give up long before that.
 
If there is no personal guarantee, then
The company (debtor) no longer exists.
The bank would need to apply to CRO to have the company reinstated first, before they could collect the debt.

I'd be more worried about you being a company director without knowing what's happening with the company. A director has legal responsibilities. If for example it can be shown that company didn't keep proper books and records, the directors can be held personally liable for the liabilities.
 
I did not know what had happened with the company
I was no longer in contact with the other director for over 10 years and they left me with the debt on the card when the company ceased trading
Being the type of person I am I continued to pay it
Only when I got the letter from the bank a few weeks ago did I check the company status and then found out it had been dissolved .
 
Tulle 44 said:
Being the type of person I am.
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What type of person is that.

A company director who does not know what had happened with the company. For 10 years ??

That is a "go directly to jail" level of irresponsibility, if the bank chooses to pursue the matter.
 
As the company had ceased trading in 2008
A letter was sent to the CRO telling them that .
When the business ceased trading there was no monies owed to anyone .
I understood from that , that everything was in order.
I had no contact with the other director for many different reasons .
I checked the status of the company and saw it had been dissolved .
 
You clearly misunderstood the situation and question .
The CRO were told the company had ceased trading and had closed down in 2008
I was no longer a director of the company as it had ceased trading .
I knew it had closed down but did not know it had been dissolved .
There was no need to know anything about the business as it had ceased trading .
 
If you were no longer a director of the company (before the debt was incurred ?) what has any of it got to do with you.
 
When the company ceased trading the credit card had a balance and the other director walked away leaving me to sort it
I continued paying it every month for nearly 10 years but last year my circumstances changed and I could no longer continue to pay it
 
Tulle 44 said:
You clearly misunderstood the situation and question .
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We can only go by what you've posted here, and it doesn't make much sense.

Tulle 44 said:
When the company ceased trading the credit card had a balance
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Does not tally with:
Tulle 44 said:
When the business ceased trading there was no monies owed to anyone .
Click to expand...

You need to set out clearly exactly what happened if you want advice.

Tulle 44 said:
I knew it had closed down but did not know it had been dissolved .
Click to expand...
What did you think would happen when you informed CRO you'd ceased trading, and stopped submitting returns?

Tulle 44 said:
I was no longer a director of the company as it had ceased trading .
Click to expand...
No. The company had debts. You didn't liquidate it, so you were still a director.
 
No the company was not liquidated .
It ceased trading in 2008 as a Ltd company . I continued as a sole trader .
There was a balance on the credit card when it ceased but I continued to clear the balance every month until last year when my circumstances changed and I could no longer keep up the payments .
I engaged with the bank regarding this and asked for the paperwork when the account was opened.
They would not give it to me .
I am unsure where I stand now with this as the other director has died and the company was dissolved .
 
These posts are confusing.

The Ltd company ceased to exist in 2008, right so, end of limited company but only if it was struck off or liquidated, which was it, if you do not know search the cro website and let us know.

If the card debt is in the name of the limited company and that company ceased to exist from whatever date then you should not have paid anything into this account from that date unless you had a personal guarantee liability which was called in.

If the company is dissolved and you signed no personal guarantee then advise them of this, that is the end of it for you.
 
Hi
Yes the company was struck off then dissolved
As far as I know I never gave a personal guarantee .
I requested copies of the paperwork but they refused because one of the directors is now dead.
 
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