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Urgent My Client Manager Wrongly Reported Insolvency


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Had a meeting with Lloyds Commercial Finance in view of a complaint we made which we feel tipped our company into liquidation.

 

It turns out that after a meeting at our premises, our client manager reported to senior banking management that we (the directors) had decided to apply for a CVA !. They never funded a penny from that point onwards, causing us to put the company into voluntary liquidation.

 

This (CVA) was totally untrue. It had not even figured as part of the discussions! We believe this statement had a significant affect on the future funding of the company.

 

It has also affected the directors personally, as we had personal guarantees for our overdraft facility along with the lease for the company premises (both 6 figure sums).

 

Does anyone feel we have a case against the bank? and if so , could the debt to the bank be wiped, or even the lease?

 

Need to know fairly quickly if poss, its taken them over a year to respond (& what an eye opener), and we are trying for a speedy resolution

 

cheers

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Just found out that hey have classed the withdrawal of funding due to a termination event. In the termination event clause, i have checked that any reported/planned form of insolvency can constitute a termination event.

 

Feel the incorrect reporting of a CVA, has invoked this, and the commercial bank would find it difficult to deny, but what can be done via legal action?

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Just my thought, but if you have proof that they did do this then I think you may possibly have a case, I think you should really talk to a solicitor who specialises in this area.

PLEASE NOTE - I am not a legal expert, what is stated is my own opinion and from what I have learnt from this forum and my own experiences.

 

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