Small company bank accounts

[acsn]

Hi everybody,

I'm in an IVA and it's going OK.

Somehow I managed to get persuaded to take on the role of Company Secretary/Director of the residents association of the block of flats I live in.

Problem is no one knows my financial situation, and why should they, but the other two Directors want to change the company bank account. A process I'm sure will require finacial checks on us all as individuals, it's a Private Limited Compnay.

How do I get out of this one , because I sure won't pass a credit check and they all ask about IVAs on their forms these days.

Am I best to resign now on the grounds of 'job demands' rather than look really dodgy when the application for the new account comes back with a big fat no because of me.

This is a new one on me , I gain nothing fiancially from being Company Secretary just end up doing lots of collection letters which is kinda ironic when you think about it.

regards &
Merry Christmas

[chairmanmiaow]

Sounds like you should resign from that one regardless of the bank account issue!

[MelanieGiles]

Yes - I would not put myself throught the embarrassment of that with my neighbours. You can always agree to help out with some of the administration.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[CoverItAll]

Melanie, if chairmanmiaow continued as Company Secretary, resigned as a Director, and was not a cheque signatory on the new acount, would this avoid this credit check problem ?

John Tegg
www.protectiva.co.uk
0845 673 9999
We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.

[wen]

I would have thought the credit check would be carried out to confirm identity.

Remember, that they will probably still be jointly and solely liable for any debts, no matter who signs off on the transactions.

It would probably sound a bit dodgy to the others, so i'd take Melanie's advice.

Remember credit checks are done on Basic Accounts, where there are no credit facilities.

[acsn]

Thanks everyone , you're right, as usual, I'll resign .

I do most of the work so I'm going to have to come up with a good excuse.

Funny the things you take for granted

Merry Christmas and remember, for all of you in an IVA, they'll be no credit card statements to worry about this January.

[MelanieGiles]

John's idea for you just to remain as Company Secretary could work, but the bank may still credit check. I suggest that you tell the rest of the board that you no longer wish to have a statutory responsibility, but will continue to do a lot of the work. This should suit all parties.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp