liability of former director for company mortgage

T

The Viking

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The question is about the responsibilities of a company director for a mortgage that was signed for when you were previously a Director.

A company has a mortgage on a residential property. If you were a Director of the company when the mortgage was taken out - but no longer a Director or an employee of the company in question (left two years ago) - and if the company is unable to keep up the repayments on this property – and the bank closes on the property – are you (as a former director) responsible for the liability? on the basis that you were once a director at the time the loan was taken out?
 
Yes, it was a limited company.

And can you explain the circumstances if a personla guarantee was given ... or not

Thanks
 
The Viking said:
Yes, it was a limited company.

And can you explain the circumstances if a personla guarantee was given ... or not

Thanks
Click to expand...

If a personal guarantee was not given then the debt has nothing to do with you. You signed on behalf of the company.

If there was a personal guarantee than they can come after you and take you house / car...etc..etc to get the money.
 
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