- Tue Sep 24, 2013 4:34 pm
Hello David73 and welcome
If there is an outstanding director's loan this means that it is money that you owe to the company. Another way of describing this would be an overdrawn director's current account. If the company is liquidated then the liquidator will have to try to realise all the assets of the company including getting in any debts owed to the company. As such they will pursue you personally for the repayment of this money and use court action to enforce this if necessary. As such you will need to put a plan in place to do this.
Generally speaking the liquidator might be willing to negotiate a settlement if you can offer a lump sum or monthly payments. However many directors in this situation also have other personal debts and so often decide to carry out an IVA or declare themselves personally bankrupt to deal with their personal debts after they have liquidated their company.
If you require further help or advice on any company debt problem do not hesitate to contact me at Company Debt Advice
Tel - 0800 180 8440
E-mail - firstname.lastname@example.org
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