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| pech |
Posted - 10 April 2008 : 20:22:52
I have a High Court Order against a company Director and his Company for £240,000. He is about to be made bankrupt by another creditor. The Order says that "no payment or disposition be avoided or reduced by virtue of any provision or enactment relating to Bankruptcy, Insolvency or Liquidation for the time being in force". Question: by becoming bankrupt can he escape the Order from the High Court, and do I just become another creditor in line for a share of whatever is left?
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| 5 L A T E S T R E P L I E S (Newest First) |
| Helpful Advice |
Posted - 12 April 2008 : 19:26:49
Hi Pech,
Some good advice from Melanie, you have the option to control (to a certain degree) both the liquidation and Bankruptcy via appointing your own Liquidator and Trustee, however this is as long as the other creditors are happy for this!
This could however, incur further costs for you.
Although you would get a full report on the company and personal affairs of the individual you may be no better off for this.
May i suggest you put a call into Melanie where she will be able to advise you on your options.
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
| melanie_giles |
Posted - 11 April 2008 : 22:14:29
What assets does the company have? As a major creditor against both the company and the individual you could influence the appointment of a Liquidator who is responsible for thoroughly investigating the company's affairs and financial position, and also the appointment of a Trustee in bankruptcy who has powers to fully investigate the bankrupt's affairs.
Given the amount of money you are owed, it would be sensible to get a reputable insolvency practitioner on board at the earliest opportunity.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| pech |
Posted - 11 April 2008 : 21:09:55
Thanks for your combined comments - mmmmh! So much for the benefit of a (very expensive) Court process! The Law doesn't seem to make a lot of sense to me.
The Court Order is in respect of an agreed settlement for my claim for a) payment for my shares in my company which the director has not made, and b) repayment of an attached personal Loan from me to the company and the director, jointly (which also has not been repaid).
I have no charges on his two properties - they are over-mortgaged. The company, however, as Melanie Giles queries, has equity (along with serious debts, including the Revenue, who are about to petition for winding-up for about £70,000 owed to them). |
| melanie_giles |
Posted - 10 April 2008 : 22:33:14
It doesn't stop the debt being pursued against the company - do you know if it has any assets? And you can apply for a charging order very quickly if he has equity in his personal property.
For an informal chat about any financial difficulties, or advice as to the options available, I can be contacted via my website - www.melaniegiles.com |
| Helpful Advice |
Posted - 10 April 2008 : 21:19:51
Hi Pech,
Welcome to the forum,
What does the High Court order relate to?
Unfortunately Yes you will, the only way you will avoid becoming another creditor is if you have security for the debt over assets such as a charging order over the directors property
Kind Regards,
Brett England
Bankruptcy Specialist
England,Jackman & Spacey
WebSite www.ejands.co.uk
View my personal story & blogs at:
http://brettengland.blogs.bankruptcyhelp.org.uk/ |
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