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| neil12 |
Posted - 18 March 2008 : 15:01:40
Hi,
My limited business has been wound up with debts of about 180k. I have an existing directors loan of about 160k which I cannot repay. I have a property which is jointly owned by my wife. Will they come after the house? There is not a great deal of equity in it.
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| 5 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 22 March 2008 : 09:39:58
Hi Melanie,
Great to have you on the forum, Neil Melanie is absoultly right, I assumed you were talking about a loan that you had guaranteed as a director on behalf of the comapny, is this the case?
Or as Melanie has suggested is this a loan you have taken personally from the company?
Kind Regards,
Brett England
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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| AlanO |
Posted - 21 March 2008 : 11:06:50
HI Neil,
Melanie has highlighted the need for you have the situation professionally reviewed, to ensure you come out of this the best you can
All the best alan
www.debtdr.co.uk
All the best Alan |
| melanie_giles |
Posted - 21 March 2008 : 09:36:00
I assume that you mean you have a directors loan in the company - which means that you have personally drawn monies out of the company which you cannot afford to pay back? So I don't think the personal guarantee thing is an issue, and the Liquidator will undoubtedly ask you to repay those funds.
Drawing money out of a company, which has not made sufficient profits to enable dividends to be paid by directors is an offence under the Companies Act, and this could lead to you being made personally bankrupt and being disqualified from acting as a director in the future. |
| AlanO |
Posted - 18 March 2008 : 16:06:04
Hi Neil,
Brett is absolutely right - one thing the Company going down but you do need to cover yourself. Sugget you speak to one of the experts direct - usually there will be an initial free consultation
All the best Alan
www.debtdr.co.uk
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| Helpful Advice |
Posted - 18 March 2008 : 15:55:20
Hi Neil12,
Welcome to the forum,
If the directors loan carries with it a directors personal guarantee, then they would look to pursue you for this outstanding amount, and the first course of action they usually take in these instances is that of a charging order which will secure the debt over your property.
You should seek independent advice on what you should do next.
View my Blogs at:
http://HelpfulAdvice.blogs.bankruptcyhelp.org.uk/
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
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