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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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How can I get my name as sole trader removed from a company

Resolved Question:

How can I get my name as sole trader removed from a company bank account that I have not. had anything to do with since 2010 apart from bank phone calls from their collections department telling me it is in debt and asking me .
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

my name is ***** ***** I will help you with this.

Alex Watts :

Do you mean someone else is trading in your name, or you sold the business?

Customer: In 2008 I signed with another person they had the business already, and I was replacing another as the main name on the bank account as we were starting a business up. She used the bank account I believe businesses somehow. The one we opened up didn't last long and left me with a lt of debt that I'm still paying off and eventually took out an IVA In 2012. I had forgotten about me being linked to the account. Later that year I was contacted by collections HSBC bank. They briefly informed me that m account was in credit of £112. Thinking this was odd I pulled out old paperwork to do with the business I had been involved in. I went to the local HSBC bank and put two letters through with information in re the bank account saying that I'd had nothing to do with t or the person running the business or the account. The manager got back to me and said the letter made no difference my name was on the account paperwork. Calls stopped and I kept an eye on it by going in and getting statement copies then stopped as I was going to have to pay page, the calls have started again this past week.... It's time to act and get my name off that account as she is £400+ overdrawn on the bank account and £650+ on the card that is with the account. I have an app next Friday with the bank Business advisor.... But feel they are only interested in their money and not going to help me get out of this situation!
Alex Watts : So was it a partnership you were in?
Customer: Sorry was at work and Internet went down 24hours plus. I was supposed to be a silent partner in the business we set up Not Hers. In signing the bank docs I became her Sole Trader .... Was it aware of that as trusted her.
Alex Watts :

Was it a Limited company?

Customer: Unsure.... How do I find this out?
Alex Watts :

Did the company have a name? Look at Companies House: www.companies-house.gov.uk/info

Customer: Yes, her business was known as Jaxfitness. Will check companies house site now and come back to you after checking her business was registered
Alex Watts :

ok

Customer: , can't find her business only a similar one registered in Northern Ireland. Have checked a sight called Business links that bought her up as a Director of Jaxfitness since May 1985.
Alex Watts :

Ok - when the business was purchased were you a sole trader?

Alex Watts :

Or Director?

Customer: I have an appointment Friday afternoon at the Bank Branch where the account is held still with their Business advisor, so I'm hoping you can help give me some ideas as to how I can get out of this situation or move it forward with little or no financial cost to me.
Customer: I wasn't anything initially to do with her business.. I was asked by her her to put my name on the bank account as the main name... It has been bought to my attention that I am the sole trader according to the bank collections dept.
Customer: She in hindsight needed someone as a named person so she could keep her business account up and running and I was too trusting to question why!
Alex Watts :

Ok - were you ever a Director?

Customer: I believe she gave me the name of silent partner, I had no input into the either business apart from time and my money. I asked a bookkeeper to check Company House Reg, they can't findher on their and her website does not show she is Ltd either.
Alex Watts :

So you were never a Director?

Alex Watts :

Ok - if you are not part of the business and it was NOT a limited company then you were a partnership

Alex Watts :

This means you should have written and dissolved the Partnership, thus ending your liability

Alex Watts :

If you did not in theory you are 50% liable debts or profits incurred.

Alex Watts :

Sadly therefore when you go and see the bank they may only release you if you pay the debt off

Alex Watts :

But if it was a partnership (not limited) you needed to formally write and dissolve it

Alex Watts :

If you did not do this I suggest you do it now

Alex Watts :

Can I clarify anything about this today please?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


If the system won’t let you please click reply.



Please bookmark my profile if you wish help: http://www.justanswer.co.uk/law/expert-alexwatts/

Customer: Iwho do I write to... The Bank I understand but do I write to her also? Are ther any words or phrases I need to include?
Alex Watts :

Yes. You just say you are dissolving the partnership, that is it

Alex Watts :

Does that help?

Customer: Yes thank you, ***** ***** appreciated
Alex Watts :

Great. If I could ask you to rate my answer before you go today, the button should be at the bottom of the screen

Alex Watts :

If you need more help please click reply

Customer: One last question the bank have me as Sole Trader on the account.. You mentioned partnership and me being responsible %.... Will the bank see it that way or ask me 100%?
Alex Watts :

They may or may not. You can simply ask to close the account.

Alex Watts :

You may need to pay off the debt to close it and then chase your ex partner debt and maybe issue proceedings./

Customer: Thank you.
Alex Watts :

Can I clarify anything else? If not, could I ask you to rate please?

Customer: Will I need to inform my IVA manager of this would they be able to do anything?
Alex Watts :

Maybe, but I am not an IVA specialist.

Customer: Ok thank... Could I just negotiate with the bank and close account without telling her... Bank seemed to infer this is 2012 but the card was too high to repay so had to leave it.
Alex Watts :

Yes you can do that.

Alex Watts :

Negotiate and close.

Alex Watts :

That protects you.

Alex Watts :

Please remember to rate my answer, thanks!

Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience: Solicitor with 5+ years experience
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