I just took over some shares and joined as a director in a Pte Ltd business. I had an outstanding loan with the bank which my company used. If I sign company cheques, will the bank try to recover my personal outstanding loan from my business account? What do you think most likely to happen?
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We can offer you a response based on what we believe would be the case if you, the bank and the company were all in the U.S. Unless there the owner of the deposit account is the same as the obligor on the loan account, the bank would not have a legal right to set off one against the other to obtain what is owed on the loan. Your status as an signer on the business's account does not make you the owner of that account.
Your question would best be posed to a legal advisor familiar with local laws and banking practices.
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We can offer you a response based on what we believe would be the case if you, the bank and the company were all in the U.S. Unless there the owner of the 