Bank recovering money owed on a business account?

hi mezzie

They sure can and do. It's happened to me. It's always best to use 2 diferent banks.

In UK ? == YES .. unless you set up a LIMITED company, YOU (as a "sole trader") are solely & totally responsible for all your business debts ..

.. and Banks are well known for taking money out of peoples savings & current accounts to pay off their outstanding Credit Card debt .. this is why many people NEVER EVER hold the Banks' own Credit Card .. (and cancel any Direct Debits the moment it even looks like they might get into financial difficulties)

Be aware that your debtors can go after you personally .. unless you come to some arrangement with them they can go to court to reclaim their money and start sending the bailiffs round to seize property .. they can even make you bankrupt ...

This can happen within days of them finding out you are in difficulties (they all know that the first ones to pick-over the corpse get the choicest cuts)

If what you owe is unmanageable, go to Citizens Advise (CAB) and ask about Individual Voluntary Arrangements (IVA's) = better this than CCJ's and Bankruptcy..

Not without a court order I'd have thought. If they get one however, it's one of his assets, and a lot easier than sending bailiffs to seize household items.

It is possible they might try some underhand ways to arrange to deduct money or set up payments from this account, but they can only do this in writing and with his agreement (he should write back to indicate if he doesn't agree - send by recorded delivery).

On a practical level, I'd suggest he move his personal finances to another bank anyway, and negotiate a repayment plan with the bank, as they could potentially close his accounts (returning his money to him in some form) if there is a dispute between them, and as a result causing issues with payments made from those accounts which could lead to various companies charging him for late/failed payments. In the end, all the bank wants is to get the money owed to it back, and making him bankrupt wouldn't do that for them.

As with other replies I read to your previous questions on Yahoo - he should speak to the Citizen's Advice Bureau (assuming you are in the UK), and independent Debt Counsellors (but definitely not one of those "debt management companies") who can advise how to prevent further debts piling up and how to arrange repayment plans with his creditors.

Yes that is highly likely. If you are self employed it is wise to keep a separate account with a different bank for household finances.

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If the business account is a limited company then no.

i dont think they can do that without your permission or with out setting up some sort of payment scheme to that account, technically it would be theft.

Yes, they can and do.