My Wife and I had a ltd company from 2000 to 2007. In 2007 the company went into liquidation. 2 years prior to that , Oct 2005 we signed a personal guarantee with Barclays in the amont of £75K against an overdraft facility for the ltd company. In 2008 both my wife and myself entered personal bankruptcy as the ltd company debt and personal were so entwined.
it seems that Barclays have a charge against our property and we have been paying to them since the ltd company went into liquidation.
My question is this.
Should the personal guarantee not have been dealt with in the personal bankruptcy and in effect written off . If that is the case then surely there is no debt under the personal guarantee any more and therefore no reason for barclays to have a charge on the property.
Are the personal guarantees (who's paperwork never mentions the property) automatically linked to a charge. Or are the two objects seperate entities.
Therefore if the personal guarantee is no more (ie part of the bankruptcy ) then what can the charge be or ? Any help would be appreciated
Was the charge put on the house before or after your bankruptcy?
If it was before then it can't be written off in the bankruptcy unless you gave the house up. If it was after your bankruptcy and this was a personal guarantee given before your bankruptcy, then it will be included.
The charge was put on before the bankruptcy as was the personal guarantee. It's a strange one as when I spoke to the the Official Receiver today he said that the Personal Guarantee is included in the bankruptcy and the any payments made to Barclays while in the personal bankrupcy period should in fact have gone into the Bankruptcy Estate. Barclays should not be claiming under the Personal Guarantee as it is included within the Bankruptcy.
Any charge is outside the bankruptcy however and Barclays could claim against this.
Not sure how this affects me as since the personal bankruptcy we have paid over £16,000 to Barclays in reply to their demands under the Personal Guarantee. In addition £3,000.00 within the bankruptcy period before discharge
My Wife and I had a ltd company from 2000 to 2007.
Posted - 28 November 2011 : 21:18:51
