Liquidation of business.

[Guest]

Hi Legalbeagles.
I have been a director of my own LTD company of approx 8 years and unfortunately due to IR35 and now corona virus we have lost many contracts and unable to continue trading most offshore platforms have stopped contract work for the foreseeable months.
We have a business loan of approx 20k with 14k remaining to pay and an overdraft of 6k, I gave no personal guarantee when I took the loan and overdraft however wondered would I have to pay the loan back, and would this damage my personal credit file.....Thank you*

[ostell]

The loan is to the Ltd company and the whole purpose of that is to remove personal liability from the directors. The company is a seperate legal entity