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Legal Charge on Property

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Hi Hope somebody can help?

Back in 2007 the Company my wife and I were Directors of went into voluntary liquidation after being advised by an Insolvency practitioner this was the only option open to us.:confused:.

He then came back to us saying we owed illegal dividends that we had taken from the company:eek:. We were not aware that this was a problem as we were always advised by our accountant that we should take dividends every month instead of a wage.The amount is in excess of £20k and because we had not found employment since could not repay this amount back. We agreed to a charge to be put on our property to secure the debt so we could come to an agreement with our debtors on low repayments Until we found jobs where we are able to pay the money back. As well as the mortgage lender, Lloyds TSB also have a charge and have agreed an amount for us to pay. The solicitor for the Liquidator has now come back to us and said the payment we have suggested is not good enough and if we don't settle in full they may issue court proceedings for an order of sale of our property and want an answer by the end of July 2010.We know that there is not enough money in the property if sold to pay all our debtors so could any one answer me a few questions.

 

  • Can they do this even though a payment has not been agreed so we have not defaulted yet.
  • What is the procedure for them to do so
  • Could they enforce it even though there would not be any money to pay off the debt.
  • And if that's the case what would happen to money still owed after the property was sold.

Thank you in anticipation for your help

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Hi g-norm

 

Welcome to CAG

 

I'm no expert, but I'm sure they will be along shortly,

This is a good link and answers some of your questions,

Debt Factsheets - Charging orders in the county court

 

Also have you got any Penalty Charges or have you been mis-sold PPI that you could claim back with contractual interest.

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