BBL - am I liable?
Hey, I was a director of a ltd company along with my business partner - we took a bbl for £16k. It was used some for wages but mostly setting up business such as tools, worjshop and day to day spending etc.
I resigned in 2023, as the stress was too much for me so I went to work elsewhere. At this time outstanding balance was approx £10k.
but stupidly I agreed to sign a PAYG agreement in 2024 to help out the other director with making repayment easier for them.
At the time of me resigning we were having trouble moving all the banking details over to the current director, this went on for months.
In the end they shut the main banking account without warning which meant that a servicing account could not be opened.
I was asked by the director to do the PAYG. Being naive and a friend I agreed as I wanted to help them succeed and see the business grow. They kept trading and all seemed well
I now know they haven’t repaid anything for a while.. I don’t know how long. But it’s not what I assumed was going to happen at the time.
All assets were left with the current director.
Basically how fucked am I?