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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10409
Experience:  Barrister 17 years experience
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My small family company (“C”) is a part owner (50%) of a small

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My small family company (“C”) is a part owner (50%) of a small business centre property run by my son through a separate limited liability partnership (“LLP”). The LLP is also part owned by him and the family company (50;50)
NatWest bank lent the LLP money secured by a charge on the property. As chairman of “C” I have sought to determine the extent of the outstanding liability and have requested copies of the bank statements of the LLP. Initially, I simply sought to establish the extent of the Mortgage / Loan to the LLP. Subsequently I have sought copies of all the bank statements as I have suspicions that the business centre is not being run properly and that rentals due to the business centre have gone missing and inappropriate expenses charged.
NatWest have refused to supply any statements on the grounds that “C” is not an authorised party to the account. It was originally but the bank say they have no records showing that “C” was. They have been advised by my son that “C” is not now an authorised party. NatWest also claimed that, according to their records, “C” was not a guarantor. Their charge was shown on the title deeds.
NatWest now say that “C” will need a Court Order before they will release the statements. How do I, on behalf of “C”, obtain a Court Order for them to disclose the information
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Here, an action will have to be taken in the name of C against Nat West bank as the party ultimately interested in the loan liability seeking an order for disclosure of the extent of the loan liability. So I would advise you to get the services of a solicitor for C who will institute this action for disclosure, as legal proceedings will have to be issued to set aside the obligation of confidentiality owed by Nat West to its customer, which in this instance is the Limited Liability Partnership.2. Secondly, you should consider whether C would be able to obtain this financial information under the rules governing the Limited liability Partnership. As 50 % owner it is entitled to financial information as partner in the limited liability partnership as it has a direct financial liability for any liability entered into up to the limit of liability of LLP. Accordingly, the first step I would advise you to get any solicitor C hires to do is to look at the rules governing the LLP as the financial information about the liability to Nat West is possibly obtainable by C under the rules governing the LLP. As not all LLPs are the same, it is essential that you get a solicitor to read the LLPs foundation documents. In this way, going to court might be avoided.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10409
Experience: Barrister 17 years experience
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