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RJM Law, Lawyer
Category: Law
Satisfied Customers: 3482
Experience:  LL.B (Hons)
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I was a director of a business which went bust, surrey

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I was a director of a business which went bust
JA: Where are you? It matters because laws vary by location.
Customer: surrey United Kingdom we got a capital on tap business card £10,000 credit someone in the office aplied i gave the go ahead no one gave a signiture , now they are saying im personally reliable
JA: What steps have you taken so far?
Customer: none
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: i lost everything had to sell all assets to pay off debts

Welcome and thank you for choosing our service, I will be the expert assisting you with this matter today.   I appreciate this matter is important to you and I shall try to resolve it as precisely and quickly as possible for you today.

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Thank you.

Thank you for the question.  I am sorry to hear about this matter.  As the director of the company, you are responsible for the financial aspects of the business, especially if you have authorised a staff member to use the card ( a signature may not be needed).  However, there are two points you can consider, firstly, if the person who has spent the money, has done so without consent, you could look at claiming the money back from them by way of legal action.  Secondly, if you were a limited company then you may not be personally liable as limited companies, by definition have limited liability and they cannot obtain your personal possessions to cover company debt.

I hope this information proved helpful.  You will find a local solicitor who deals with these matters on the law society webpage which is as follows; (England) (Scotland) (Ireland)

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Customer: replied 17 days ago.
the company was ltd and the card was in the companies name

With that being the case, then you may not be personally liable unless you have given a personal guarantee.  I would check the terms and conditions of the agreement.  However, if only the company is liable, they cannot pursue you personally.

Customer: replied 17 days ago.
there saying i gave a personal guarantee but I didn’t sign anything

I would look at their terms and conditions, even if you didn't sign anything the fact you accepted the card could constitute a contract.

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