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| rdd |
Posted - 21 May 2009 : 12:27:34
Hello
Im hoping you can help me as i am really worried about my BR.
End of last year my wife and i decided to become BR as we could see no way out of our financial situation. We are now at the stage where a Trustee has been appointed because we had a property (we had been trying to sell it but was unsuccessful). We have also both been given a BRU for money we borrowed last year that was deemed we would not of been able to pay back due to our financial situation. The question i have is, today i have received a letter from the trustee regarding money i agreed to pay a family member last year, this was for investing in training, buying mortgage leads and working in there mortgage company. The aim was to learn the ropes pass the exams i needed and the work for myself but under there company name. The Trustee says in his letter " I am aware that you left the employment in May 08,however you decided to honour that agreement and you paid your family member a lump sum using your credit card - please advise if indeed this was the case"
I am now worried he is going to demand this money back from them, Im worried because they, like so many companies at the moment are going through a difficult time and dont have this money to give back, infact it could end them. Can the Trustee do this?
I apologise for the long question but thank you in advance for taking the time to answer this. I am worried i could possibly ruin my family members company. |
| 2 L A T E S T R E P L I E S (Newest First) |
| rdd |
Posted - 22 May 2009 : 12:30:58
Hi
Thanks for replying to my post. I know how this looks and being a family member as well does me no favours at all but I can,t change that.
I did receive the training and I bought leads but how do I prove it was 'value for money'? Unfortunately this was last year when the property market and financial sector were in melt down so i had a poor return on the money I invested in the leads.
This was a genuine investment made in good faith to hopefully provide me and my family with a future income. I guess its down to the Trustee to make a judgement on this.
Thanks for your reply though.
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| Suzanne |
Posted - 22 May 2009 : 10:20:23
Hi
Did you get the training and mortgage leads you paid for, and was this 'value for money', and not just a way of giving them money, or taking money from your credit card for you to have later? This is what the Trustee is looking into. The fact that they are family just clouds the issue a little.
Suzanne Stocker
Bankruptcy Manager
Jones Giles Ltd
www.jonesgiles.co.uk
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