If you and your partner/other directors are in dispute, your business finances may be affected by the change in your circumstances.
If you have any concerns regarding access to or use of an account, speak to us to discuss what options are available to you, such as freezing the account.
Freezing an account should be given very careful consideration. On the one hand it may protect your position while you sort out your finances with your business partner/other directors. On the other hand, any important regular payments such as employee salaries or supplier payments may be affected.
Usually, once an account is frozen all account holders will need to agree to any further payments, withdrawals or transfers from the account.
It is important to try and agree with your business partner/other directors how you will continue to meet any loan payments. If you think that you may have difficulty in meeting your monthly loan payments you should speak to us at the earliest opportunity as we can often work with you to agree a suitable solution.
If the dispute is unlikely to be resolved in the short term you may want to consider seeking external guidance to aid you in coming to a resolution from professionals such as solicitors.
If you’d like to discuss this topic further please Contact Us