Paying off loan in Development Co. with personal loan?

H

hamstring

Registered User
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Hi,
a couple who are friends of mine have operated a small scale building company for the last few years. They generally bought sites in her name and developed the sites through a Ltd Co.

Their accountant is now advising them that all debt should be in their joint names and that they should clear any existing Co. Bank loans with new loans in their joint names. They will then only have one contract with end purchasers rather than 2.

Are there any tax implications in clearing the company loans like this?
 
Did they ask their accountant about the tax implications? Surely the amounts involved are too large to take casual advice on a website?
 
Yes they have asked their accountant but he has not ,to my knowledge, given them any concrete reasoning behind his recommendation to re-structure.
Isn't this kind of the purpose of the web site?..... To garner casual advice first and then once armed with some relevant info approach the matter though an appropriate professional?
 
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