Business Bank Accounts: What You Need To Know

Are you a business owner or wondering who is liable for company bank accounts? This article explains how business bank accounts will be affected if your company has debt.

You may also want to read our article on paying off business debt.


Who is liable for company bank accounts?


If the bank account is in the name of the limited company then you should not be liable for any debt owed to the bank, providing you haven’t personally guaranteed the debt. For more information, please read our article on who is liable for my debt.


Can I set up a business bank account after being discharged from bankruptcy?


Unfortunately discharged bankrupts will find it impossible to open up a business bank account. This is usual for discharged bankrupts, as the bankruptcy will still show on your credit record for 6 years. The criteria for obtaining a business bank account is stricter than those for personal accounts and you may find you have to wait the full 6 years before being successful in your application.

You may also want to read our article on filing complaints against a bank.

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