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Do you have a Directors agreement? Do you have any personal guarantees?
I'm not sure about a directors agreement but we had to give personal guarantees to the bank for the overdraft
Ok - well he can't just walk away from that. He will be joint and severally liable.
If he has walked away you can close the Company down as you want.
Ideally you should liquidate the assets to pay back the bank.
If there is a balance left after this both you and he will owe it - he can't just run away and expect no comeback.
But stop his cards, cheque book, bank account access etc, if he has resigned.
To make sure he does not take anything
If there are any assets or money left after the bank is paid then this needs to be split between shareholders.
But he will remain liable for the bank debt until cleared.
Can I clarify anything for you about this today please?
No, thank you very much
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