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Director of Ltd Company with bad credit history

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  • 21-10-2012 3:07pm
    #1
    Miss OMMC
    Registered Users Posts: 82 ✭✭


    Hi guys,

    My partner is hoping to set up a Limited Company in the new year. As a Ltd company needs 2 x directors, we were hoping to put my name down as the second director. I would have a 0% shareholding making him the sole shareholder.

    Currently my credit rating is poor due to a few missed repayments on a ge money personal loan, mbna credit card and ulster bank overdraft... this was down to sudden unemployement, illness etc

    What I would like to know is, if I am listed as a director, will my credit history have any effect on this new company in terms of opening business bank accounts, seeking funding etc even if I am a 0% shareholder?

    Any information would be much appreciated.


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    #2
    capefear
    Registered Users Posts: 774 ✭✭✭capefear


    Hi

    Nope it shouldn't have any adverse effect. As far as I'm aware its only sole traders that are having a difficult time opening bank accounts if they have a poor credit rating. I know afew sole traders that have hit hard times and are trying to get back on their feet but when they went to the AIB and Ulster bank to try and open a sole trader account they were refused . Its disgraceful as these people are trying to get back on their feet and earn some money to clear their personal debts and the banks are stopping them.
    One chap had three cheques to lodge into his new account as as they wouldn't allow him to open the account he had to go back to his customers and ask them to reissue the cheques in his name and not his business name.

    Sorry that became abit of a rant but its not nice seeing your friends struggle to try and do the right thing as they can't get a job and the banks won't help them.
    But in answer to your question no your partner should be ok.


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