My ex-wife and I are the two directors of a Pty Ltd company which has an overdraft debt of $20,000 with an Australian Credit Union. The company is on the verge of insolvency and cannot repay the debt which has gone into arrears. My ex and I are in the midst of a property settlement and there is a large sum of money in our joint names (not the company's) sitting in a joint bank account. I have told the credit union that I am willing to repay their loan from this joint account but my ex will not agree. The credit union is about to pass the matter to its lawyers. The overdraft is unsecured and the two directors are not personally liable, according to the credit union. My questions are: 1. Will the two directors have bad credit ratings recorded against their names with Veda if the matter is taken to court and judgement is made against the company? 2. What happens to the loan if the company has no assets/income with which to repay the loan?