use of business name

i have a friend who used my business name in applying for a broadband and telephone line. they even gave their name as the owner of the said business. this happened without my knowledge. now i found out that they have left a big amount of outstanding balance w/ the utility company and have no plans of paying for it. now the business name is blacklisted.and since i am still the real owner of the business will i have liabilities? and to whom? according to the telephone company they have submitted my business name with DTI as among the balcklisted.
what can i do regarding this matter. I have already talked to my friend but they insist that it is just between them and the utility company. there is nothing i can do if they dont want pay the said company.
do i have the right to oblige them or sue them because they have used my business name that became blacklisted which in effect they have dishonored my name and reputation since i am still the owner of the said business.
can i sue them for fraud? what is its penalty?
hope you can enligthen me thanks

you can sue for damages against your friend, and against the company for blacklisting your name even if you did not sign a contract with them.