If a company goes bankrupt does it impact the director/owner credit history as well or just the company as it is an entity itself ?

Hi Louise,

firstly a company doesnt declare bankruptcy as such. The directors or creditorscan apply for a Liquidator to be appointed.

The Liquidator does an investigation into the affairs of the company and reports to the creditors (and owners) of the company whether or not he thinks the company is a dead duck or not. Then if he decides its not viable the creditors get paid out a % of their debts, and the company gets deregistered eventually

Whilst this does not impact DIRECTLY on the directors credit history, it is on record. And banks dont like it. SO if you are a director of a company in liquidation, be prepared to be knocked back on finance applications unless you have a REALLY REALLY good story to tell the bank as to why this wont affect your capacity to service debts in the future.

cheers
Brendan