I just need some advice about a business bank account i have with a £3,000 overdraft! it was opened in two names (myself and husband) but has only been used for the business (paying the rent,and wholesale bills)if i was made bankrupt or declared myself bankrupt what would happen to the overdraft? would my husband be liable for any of the debt? the account is a business account and my husband was put on it for a secondry user, to be able to pay bills and pay in cash and carry! what would happen with an account like that in bankrupcy??
Hi Suz if husband was on as a joint account then he would be liable for any debt if you went br. if however he was put on as a signatory so he could write cheques ( as with larger companies who have clerks signs cheques etc ) then the debt will be remain with you.
I suspect careful reading of the agreement is required
Paul Johns Assisted Bankruptcy Specialists Reviva UK www.revivauk.com
Thank you!! my husband was put on as a signatory,just a second person on the account as the business was solely in my name, so hopefully he would not be left with the debt! thankyou for your reply!!!just keep worrying about everything! and keep thinking of other questions i have! i only joined on friday but i do feel a little better and more positive, Thanks to the reply's i have had, and all the other forums i have read! i keep telling myself that i will survive and get through it all!!!!! ( I just Feel physically drained with all the worry)
Bank account in bankrupcy????
Posted - 05 May 2008 : 18:39:06
