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Hi I am totally new to forums so not quite sure what to do.
But I have a problem.
my partner and I business was dissolved over a year ago and we had a hire purchase lease for a trailer which we have been paying out of our private account, because we could not afford to pay a settlement figure we have now sold this to some one else for the settlement figure issued by the finance company. the settlement figure has been paid in full. and now they inform us that they want another 15% the agreement is in the dissolved company name can they come to us for this figure personally as we do not have this money,
Yes the company was ltd
the HP was in limited name .
and the agreement only has the company name on it.
The settlement is in writing but also states that if we sell the trailer that they get 15% of figure or the agreement will continue.
We have made payments for a year out of our private account because we still need the trailer and they would't lets us take it over as a sole trader.
Sorry for the delay in responding arkie. I have been offline for a few days.
Did you have an insolvency practictioner close your business?
You should of declared ALL creditors and they should of all received official notification of the liquidation.
The trailer company would then have the choice of taking the trailer back or not. Where they informed by the proper procedures?
If you did not declare them as a creditor but then carried on paying them albeit from your own private account then you would be treating them as a preferential creditor. That is not allowed you can be reported for misconduct.
I think you are in a sticky situation here as if you do not pay the 15% the trailer company can start proceedings to recover the money from your company. Then a whole can of worms will be opened as the company does not exist. They can then report you to the liquidator and go through the courts to claim from you personally due to your misconduct.
If any of your other creditors find out about these continued payments they could make life difficult for you also.
I believe from looking on the various insolvency sites that the onus is on you to declare all creditors and for your appointed liquidator to follow procedures. It does not matter that the trailer company would not let you change the name on the agreement once you made that first payment after liquidation you broke the rules.
On the original agreement does it mention the 15% fee? I would expect that only to be enforcable before a final settlement is agreed and paid.
Hi Wino,
Our Company was just dissolved, we only owed money in the form of the lease to the trailer firm. I just told our accountant that we needed to go back to self employed, no liquidator or any body else was involved. The 15% fee is mentioned in the very small print on the back with the terms and conditions.
help please
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