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| Michell.72 |
Posted - 16 June 2011 : 13:47:12
My OH is self employed a compnay went under on him owing him 150k, this is turn left him owing his suppliers.
The main one, he owed 140k to, he had repaid back 70k and is still working and placing orders with them which he is paying for as and when.
This compnay have now taken him to court and we have a date in August.
We want to go in and offer a full and final settlement but if they don't accept what will happen at court?
We are not married but house is in both of our names, with about 90k equity, we have no personal debt only this buisness debt. |
| 4 L A T E S T R E P L I E S (Newest First) |
| michmar72 |
Posted - 21 June 2011 : 09:14:44
quote:
Originally posted by debtinfo
Is your OH a sole trader or a ltd company. (it is a little starnge that a soltrader would have a debtor for £150K). What sort of business does he do?
The company that owed him was it limited? you say it went under, do you mean that it was liquidated? did that company have any assets, will there be any return at all?
What is he being taken to court for? CCJ/Charging order/Bankruptcy etc
Hi
Thank you both for your replies.
He is sole trader but at the time had a partner,left as sole trader to get credit facilites required for jobs they had on (hope this makes sense to you).His partner is no longer active in the buisness.
It is an interior fit out company, suspended ceilings ect.
Yes went under, I meant went liquidation,yes they were limited, they had a huge list of people that they owed money too,my OH was small fry compared to some on the list, we don't believe there will be any return.
He can't find the original letter (grr) from the court but we are at the request to set aside stage, with a court date of the 7 August.What does that mean?
He told me this was all in hand but then I found a letter from the court about his request to set aside a demand, he was trying to deal with this alone, so glad its all out in the open now.
Thanks again
Where will it all end :(
Where will it all end :( |
| michmar72 |
Posted - 16 June 2011 : 23:02:51
Hi
Thank you both for your replies.
He is sole trader but at the time had a partner,left as sole trader to get credit facilites required for jobs they had on (hope this makes sense to you).His partner is no longer active in the buisness.
It is an interior fit out company, suspended ceilings ect.
Yes went under, I meant went liquidation,yes they were limited, they had a huge list of people that they owed money too,my OH was small fry compared to some on the list, we don't believe there will be any return.
He can't find the original letter (grr) from the court but we are at the request to set aside stage, with a court date of the 7 August.What does that mean?
He told me this was all in hand but then I found a letter from the court about his request to set aside a demand, he was trying to deal with this alone, so glad its all out in the open now.
Thanks again
Where will it all end :( |
| debtinfo |
Posted - 16 June 2011 : 17:55:56
Is your OH a sole trader or a ltd company. (it is a little starnge that a soltrader would have a debtor for £150K). What sort of business does he do?
The company that owed him was it limited? you say it went under, do you mean that it was liquidated? did that company have any assets, will there be any return at all?
What is he being taken to court for? CCJ/Charging order/Bankruptcy etc |
| Blackie |
Posted - 16 June 2011 : 14:29:02
Hiya Michell.72
A lot depends on the reason for the court hearing in August. It does sound as if the creditor is looking to take out a County Court Judgment against your partner, which is the first legal step to recover the debt. If this is the case, I suggest that you request the Judgment be postponed whilst you negotiate a full and final settlement with the creditor. This should give you some breathing space.
All the best.
John Blackadder
Bankruptcy365
For help and advice on the easiest and most effective way to a debt free future, please go to www.bankruptcy365.co.uk. |
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