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Summary: a body corporate is an organisation the law treats as a separate legal body, distinct frae the fowk that ain or rin it — in practice, a leemitit company (registered at Companies House) or a leemitit liabilitie pairtnership (LLP).
Why it maitters
Acause a body corporate is a separate legal body, its debts are its ain — no the personal debts o the directors. Unner Article 60B (read wi Article 60L) o the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (FSMA RAO 2001), lendin tae a leemitit company or LLP for business purposes generally sits ootwith the FCA's consumer-credit regulation. We lend tae the company, an we dinna tak a personal guarantee frae the director.
Whit this means for ye
The debt bides wi the company, but the consumer-credit safety net — includin the Financial Ombudsman Service an the FSCS — disna apply. Ye can verifie the company on the Companies House register (company number 16093826).
Scots summary — the hale English version o this airticle is the authoritative ane. Read the hale airticle in English