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CaptainOats

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About CaptainOats

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  1. @ericsbrother Sorry for the slow reply! I am on ‘thin‘ speaking terms with the remaining current director and on good terms with the other 2 ex directors. One of them sold his shares in the business a few months before the business was down as trading insolvent. The limits I believe were increased at the end of 2017 and then again at some point in 2018 - we are struggling to find out at the moment. The limit went up to over 5x the original amount, despite multiple occasions where the account had been put on stop or gone overdue in the past.
  2. If it makes any difference, it's their 'Group Corporate Recoveries'. Worth doing a Subject Access Request early on so if things start moving quickly I have a full picture? Going by a deep dive on Google Travis are notorious for bankrupting people via personal guarantees. Out of curiosity, would I have any grounds based on the below? I fished this from an old thread on the site on 2011: This is what the agreement says (copied from another thread): Thank you!
  3. Hi Andy, Thank you and thanks for the reply! This has been sent from Travis directly at the moment. It's a letter demanding payment within 7 days or they'll send a statutory demand. That 7 days elapsed the day the letter was received (checked with the other directors and we all received it the same time on the expiry notice date!). Since then we've all been in contact and have requested further information on the credit limits, copy of the agreement etc.
  4. Hello, Unfortunately in a bad situation which brings me to the website. I've had a look around at a few threads in relation to Personal Guarantees from Travis Perkins and other trade companies. Long story short: I sold my shares in a business a couple of years ago Still showed as active on Companies House until more recently (Directors never removed me and I didn't notice) Wasn't aware of the personal guarantee at all (signed back in 2017) and it was for an agreed £10k, the debt is now £35k and the guarantee is the same as my example below (unlimited, joint & severable) Company has informed creditors recently that it's trading insolvent and cannot pay. Travis have sent a letter demanding payment (joint and severable) across 3 Directors (none of which are current) It wasn't secured on anything I have other companies (do they count as assets?) I'm wondering what to do... I've put in an offer relative to the value of shares I had which equates to 10% of the debt. This has been rejected and demand for full payment remains. I've read this thread: https://www.consumeractiongroup.co.uk/topic/400364-personal-guarantee-quottravis-perkinsquot-now-being-called-upon/ But there was never a confirmed outcome and it went cold. One of the Directors under the guarantee has a Debt Relief Order which was after the original document was signed (I believe this is what it's called). Does this impact his liability? I was never aware that the limit had been increased several times over the period and continued to rise after I'd left the business. I've found some case law below and it doesn't look great (although both cases on this example seem very similar?), by the sounds of it: https://www.keystonelaw.com/keynotes/personal-guarantee-liability-all-change-for-company-directors I'm unsure how to play it... I don't have the money to pay it (nor morally should I be). I have a mortgage but it's in joint names with a family member. Please help, the stress is making me ill.
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