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URGENT INFORMATION I Won! Liquidator lost!!!!!!!!!!!!!


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My business went into voluntary liquidation in February 2007. I was made to sign what I believed to be a personal guarantee to make payment of any shortfall in the liquidators fees if there were insufficient assets, which I believe is a fairly standard practice. I did not pay and ended up being summonsed for non-payment by the Insolvency practitioners solicitors. The hearing took place last friday.

 

I spoke to the solicitor for insolvency practitioner before hwe went into the hearing and they were trying to get me to agree to some sort of instalment arrangment. I declined and the court case went ahead.

 

The Judge asked the solicitor acting on behalf of the Insolvency Practitioner if the Personal Guarantee that they were asking for enforcement on was the one that they had put in their disclosures. The solicitor said that it was. The Judge then went on to say that there was a law called the Statute of Frauds 1677.

 

The Judge then asked the solicitor to read out what was placed immediately above my signature on the letter of guarantee drawn up by the Insolvency Practitioner. It reads "We agree to the terms of this letter for and on behalf of XYZ Ltd". Below is my signature and underneath that is the title "Director".

 

The Judge then said that I was acting as an officer of the company and had signed the guarantee as Director and that any demand for payment should be directed to the insolvent company. If Insolvency Practitioner had wanted me to act a as a personal guarantor then any reference to the company and the word director should had been removed from the form. He then dismissed the case. :smile:

 

I am not sure if Insolvency Practitioner has the right to appeal but for now the matter is closed. Please ask all Directors to check the wording on their Directors Guarantees as they may just be a company guarantee rather than a personal guarantee.

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Great result! How sad to see a greedy ambulance-chasing shark lose out! It’s about time the insolvency industry had a lot more control over it – it is barely (self) regulated, and is a cheat’s charter.

“The industry is rotten to the core, whether it is in-house recovery and collection, or where agents are used, or where the debt has been sold.” Andrew Mackinley MP, House of Commons, 22 April 2009

 

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