The death of a company director is a difficult personal event that also carries practical implications for the business's financial arrangements. Here is what to expect and what to do.
The loan agreement remains with the company
Credicorp's lending is to the company, not to the individual directors personally. The death of a director does not automatically change the loan agreement — the company continues to owe the amounts due under the agreement, and repayments should continue as scheduled.
No personal guarantee means no personal estate liability
Credicorp does not take personal guarantees from directors. This means the deceased director's personal estate has no liability for the company's Credicorp borrowing. The debt belongs to the company.
What to do immediately
- Contact us through the General Support Enquiry form or by telephone to let us know of the bereavement. You do not need to provide details — simply notify us so that we can flag the account appropriately and ensure our communications are handled sensitively.
- If the deceased was the sole portal administrator, contact us immediately so we can help transfer admin rights to an authorised surviving director or authorised representative.
- Continue making repayments as scheduled where possible. If the business is facing cashflow difficulty as a result of the bereavement, let us know — we will discuss a temporary arrangement.
If the deceased was the only director
If the deceased was the only director of the company, the company may face a period of dormancy or administration while the estate and shareholders decide the company's future. Contact us as soon as possible in this situation — we will work with whoever has legal authority to manage the company during the transition period.
Removing the deceased director from the portal
Once another director has portal access, they can remove the deceased director's account from Settings → Users & access. This should be done to prevent any accidental or fraudulent use of the account.
Our commitment
We treat all bereavement notifications with care and discretion. Our team will not press for unnecessary information or escalate commercial matters while a bereavement is recent. Please do not hesitate to contact us.
See also: Managing your account with a power of attorney, How to add or remove a portal user, Mental health and financial difficulty.