My client, small ltd co, has recently ceased trading. There's no overdrawn DLA, client has just had a bad final period of trade which resulted in a loss.
Balance sheet is c£4k net liabilities, which is basically a small overdraft and credit card balance due to HSBC. There is a personal guarantee with HSBC.
There's no funds to pay a liquidator. Client accepts the balances are outstanding and plans to pay them from personal funds, which are tight at the moment.
Does anyone know whether HSBC would port the balance to a personal loan so we can shut the company?
Does anyone have any other alternative practical suggestions on what the client could do? E.g. given the financial state of the company would HSBC potentailly take a settlement amount to avoid having to enforce the personal guarantee?
Thanks in advance