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my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000 ..
can someone give me some advice i have just recently found out that my fathers company is still in liquidation and that i am still a director of his company he worked hard all his life just to invest in property at the end he went into negative equity and all his hard work was nothing and he died just yards from the properties he had built .As director of his company sections 22 and 23 of the insolvency act 1986 were not adhered to and i never received any documentation do i have cause for recompense and give him justice
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
Sorry to hear of the problems your father had.
It seems strange that if the company was liquidated in 1991 the IP hasn't closed the file on this and disolved the company. Are there any ongoing issues with the liquidation? I would be surprised if there is after all this time as I would have thought most of the Companies assets would have been realised by now.
Even though you may be showing as a Director of the company at Companies House you are not technically a Director of the company as control of it and its assets passes to the IP upon its Liquidation.
The insolvency forms will have been signed by the Chairman of the creditors meeting who will have been a Director of the Company. You may not have been sent documentation regarding the liquidation if you were not a sharreholder or creditor of the company.
In what way has s 22 & 23 been breached. The more info you give the more advice can be given
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
im not sure how i reply i did so on my e-mail but I dont now if that shows up so ill reply here as well in so much as i was a director and shareholder of my fathers company i was never contacted directly by the liquidators and also there was a very large property company standing by to snatch the leases but he always said it was to do with an arcaic law probably from the law of property 1926 which for my sins i am reading now
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
Sorry to bump the thread, as stated i was shareholder and director but received no documents as i moved address after the company went into liquidation, so article 22 & 23 have been breached as i recieved no such information from the liqudators as is required in the LPA act 1986. I maybe wrong but any information would be really helpful.
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
please help me i am trying to find out the clause that cost my father his life he watched everthing he had built up in his life go down the pan because of a contract he made with Nat West
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
Bottom line does anybody know of anyone/case where by trustee have had to payback overcharging or unfair charges in dealings with insolvency case/bankruptcy?i.e owe £32,000 ended up paying £6,000,000?seems a little unfair or should i say shocking.How do they get away with this?LAW UNTO THEMSELVES.BANKERS HAVE NOTHING ON THESE GUYS.
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
I have never heard of a genuine case like this, they do have a list of charges that are agreed as acceptable, so rather unfair to demonise them without any facts
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
Thats my point, they do have a list a very long list.If they know there are assets within your estate then they will get there hands on them( The trustee that is).
A genuine case:Inland revenue owed £3500.Due to personal circumstances at time missed deadline to pay them.Made me bankrupt.Went down to admins office and explained situation and offered to pay there and then whole amount,they said it was to late.After half an hour of explaining still no joy.Cut along story sort 5 years later had to pay £20000.They already had £3500 from frozen bank and a further £2000 from endowment.Now i would like to know how that is fair.The list of costs etc was just a joke.Asked and sort help at time but seemed to be coming up against brick walls no one seems to know how to tackle them.????
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
You refer to being a Director of a company, yet infer that that business was declared insolvent in 1991, as such I would think that by now it has been stricken off companies register and if I'd have thought that any net proceeds after winding up the business should have been dispersed to the shareholders albeit there may have been grounds for this to be seized by the crown if funds came in after the business was stricken off. You need to go and study the rules post winding up a business if this proves to be what happened.
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
thank you all...I am still listed as a Director and Shareholder of my Fathers company with Companies House and also it is still in liquidation after all this time I believe King Sturge had something to do with it as I believe they now hold my Fathers property manisfesto and use it to lease to others He built his business up from nothing and was treated by them as another asset they bought up just because he owed 32,000 and that Nat West and King Sturge used the LPA law brought in from the last recession ie 1988/89 from our own government to do so .I dont know the clause but they don't reckon with me yet if I can't justice them I will write the book Co Registration No 752913
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
my father also had to work for them in his own property co as a chef in the pub he had once owned just to receive a salary the pub was the rose of babbacombe which he raised to the ground and built on floating foundations it was a good job he passed as a chef inthe national service
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
Things may not be as simple as you think here. At the time of liquidation the company had 17 outstanding mortgages so i think it would be a safe bet to assume that these amounted to considerably more than 32K. The pub was also had a charge over it with Barclays for any monies owed by the Company.
Although you are listed as a Director and Shareholder once the company went into Liquidation you ceased to be an officer of the Company i.e Director and your share interests would have passed to the liquidator. You can quite easily resign yourself as a Director if you feel the need to as it will not be done automatically. Saying that I am surprised the company hasnot been disolved yet.
Peronally I think you are onto a lost cause here for many reasons but mainly due to the fact that the cost of realising the assets of the company and repaying the 17 mortgages will have been considerable and will have meant a considerable fee for the liquidator which will have all been documented and accounted for
Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
my point is firstly that as a director and shareholder of the company I was not informed by the liquidator in the clauses in the lpa act of the liquidation as I had moved I was only informed of the fact by a letter from my father it states in those clauses that i have to be informed by them or they face penalty charges is this a way forward?
my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000 ..
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Re: my father lost 6 million pounds im 1991 due to the insolvency act of 1986 i believe at the time he only owed 32,000
