A company who has been paid up front to carry out building work (£7k) has become bankrupt, before they can start the work. A loan has been taken out via a finance company to fund the building work. Who is responsible for recovering or trying to recover the £7k and does the loan still have to be repaid to the finance company?
Hi eric.j - welcome to the forum. I assume you have seen their BR announced in the local paper? Have you contacted the official receiver handling their BR to list yourself as a creditor who is owed money by this company? I am far from an expert in this particular area of BR so please hold on for one of the BR assist experts to answer your question fully.
I am afraid that you will still own the loan company the amount paid, and will have to claim as a creditor in the bankruptcy - unless the terms of the loan contract state otherwise.
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
A company who has been paid has become bankrupt
Posted - 17 June 2008 : 17:45:10
