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Settling a pg before company has been struck off


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I am a director of a company that was trading in a licensed premises until Jan 2010 when our landlords took over the premises and the building (they has previously run the business) as we could no longer afford to pay the rent.

We have recently applied for the company to be struck off as we could not afford voluntary liquidation and want this resolved, no-one seems to want to put us into complusory liquidation.

I have pgs for the bank, brewery loan and on the lease and want to start the process of making offers to settle the pgs (to avoid personal bankkruptcy) but my fellow directors have been advised that I cannot make any offers to settle my pgs until the company had been dissolved as we owe a variety of company debt (HMRC, utilities, suppliers) and that I may be seen as giving preferential treatment to the debts where I have pgs.

I have seen 2 insolvency practioners niether of whom have mentioned this.

 

Can anyone shed any light???

 

Any suggestions would be gratefully recieved

 

Thanks x

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Ceasar

You have got to distinguish between the company’s debts and your own personal guarantees. If the company defaults on its liabilities (for example it doesn't make a payment due on a bank loan), then the creditor can call upon you under the terms of the guarantee to settle the debt yourself. Provided you use your own assets and not the company’s, then it is up to you what you pay.

A preference will only happen if you use the company’s assets - which could get you into serious trouble. If your fellow directors have been advised otherwise, then I would ask them for a copy of the advice.

Arrow Global/MBNA - Discontinued and paid costs

HFO/Morgan Stanley (Barclays) - Discontinued and paid costs

HSBC - Discontinued and paid costs

Nationwide - Ran for cover of stay pending OFT case 3 yrs ago

RBS/Mint - Nothing for 4 yrs after S78 request

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Docman

 

Thank you for your quick and concise response :), that is what I thought too and I will discuss with directors exactly where they got that advice from.

 

 

Much appreciated :), thanks x

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