Have namechanged as so embarrassed about this - Dh knows he has been stupid and naive, but if anyone can advise on legal rights in this case would be very grateful, we are now struggling as have a 10k debt.
So, Dh started a company with his colleague, and they were both directors of the company. The co-director became increasingly difficult and intimidating with clients and dh was very unhappy about how the company was being run. Even though dh was a co-director he did not really act as the other guy's equal. After a few years, dh could see they were losing clients though the other guy's behaviour and wanted to resign. The company was not doing well at this point. Dh went to the company bank, and made sure before he resigned that the bank account was in credit. Then he resigned as director. However, shortly after this, the other guy as co-director took all the credit out of the bank, and then also all money from the overdraft facility [20k] and then he went into voluntary liquidation. Because dh had signed a personal guarantee to the bank, they came after him for half the overdraft debt - 10k - even though if was the other guy who had taken out the whole 20k - presumably he had kept the 10k and given the other 10k back to the bank.
So now we are 10k in debt, this went on a credit card. 10 k from our children's futures. Is there anything we can do to reclaim this money? I am presuming not but any advice gratefully received. Please do not flame dh - we know how stupid he has been but this is the situation as it stands.
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Dh's co-director left him 10k in debt to bank advice please
10 replies
sirsitalot · 02/02/2013 21:30
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