Notifications
Clear all
Scottish Trust Deed Forum
5
Posts
3
Users
0
Reactions
2,507
Views
Topic starter
21/03/2016 10:00 pm
Hi Everyone,
I was over the moon to complete my trust deed back in September last year.
Recently I have been offered the opportunity to become a director in a new business.
There will be 3 directors including myself and we will need the usual....new bank account etc.
It is not our money going into the business but we will be shareholders....approx 5% each.
Can anyone advise if I will have any issues becoming a director 6 months after completing my PTD?
It would be ideal to be in a position to be on the bank account also. The other directors have strong credit history unlike me.
Any advice would be great.
Thanks
21/03/2016 10:06 pm
If you are setting up the company and there isn't anything in the articles to prohibit you then you'll be fine to be a director.
22/03/2016 9:07 am
Welcome to the forum Turnthecorner1.
As ScotsLad has already explained, there should be no issues.
Provided that a company's rules allow it, people can continue as a company director even while in a trust deed. It's a key difference with sequestration (bankruptcy) where that's not possible.
The bank account is a slightly different issue. Banks are interested in the directors of firms when they set up bank accounts. Will your new firm need credit facilities?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
22/03/2016 7:36 pm
Thank for the response, that's good news.
I really don't think we will have much need for credit facilities TDA as the parent company will be funding the start up.
Would this help?
22/03/2016 8:30 pm
I guess the credit ratings of the directors might be less relevant to the bank if they're not being asked to provide credit Turnthecorner1.
It might still be relevant though, due to the significant control that directors have over the running of their companies.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
