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Bankruptcy threat on a personal guarantee - can anyone help please ?


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Hi all

I am new the CAG i would just like to see if anyone could help or give me the best advice

on bankruptcy on a personal agreement

 

my partner and i are directors of a LTD company

 

The LTD company had a debt with a supplier (not sure if i can post their name )

 

the debt was 11938.71

 

in March this year they sent us a statutory demand / winding up petition which we did not want to happen as thats our monthly income so if they wound the company up me and my partner would have no income to pay the debt off

 

we agreed with their solicitors a payment plan of £500 per month ( under the understanding the winding up petition would still be in place but on hold if we fail to make our payments ) and they would look into it in 6 months time to see if we can pay more off the debt

we paid them on time each month and stuck to our word

 

then at the beginning of July the winding up petition went active

again we called to see the reason why as we stuck to our word and never missed a payment

their reply was they want their money sooner rather than later

 

we have sold the LTD company on but because me and my partner signed a Personal Agreement they are coming after us personally

(also the personal agreement does not have my correct D.O.B )

 

i had a gentleman come out to my house trying to serve me with a bankruptcy petition

 

he has been twice and posted a letter saying he will arrive on such a day at such a time to serve me with the petition

he came but i never answered to him

 

he has been out in total of 4 times

am not sure whats the best thing to do

do i take the petition off him or not ?

 

i am willing to set up a payment plan instead of going bankrupt

just do not want the same to happen where i pay them a few months then they try to make me bankrupt again

 

can anyone help please

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moved to general legal forum...

 

do you mean you both signed personal guarantees?

and was this when to started the supply agreement

or at a later date when you were fending off the BK attempt?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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it says in the declaration of the PG should be signed by a director or partners company secretary or proprietor of the business

then me and my partner have put our names and signed

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should not must...

 

not sure if its important not my bag sadly others will help.

 

but if you didn't put your status in the company following your name...dunno...

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

thread title updated

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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That is the legal process unfortunately.

They don't have to give a reason why they want the money now.

 

You need to make contact but as you have had an arrangement already, I dont think they will accept another one.

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oh and yes name the company.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Hi Sgtbush can they make us go bankrupt then

 

do i accept the petition next time they knock with it?

 

When we were paying the arrangement it was under the company name if that matters

 

i can attached a copy of the PG if thats any help

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Wrong.

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Dx is being "picky"

Just like when someone says a private parking notice is a " fine"

And the reply is its a debt with no further help.

 

Ivebeen quite general in my terms and layout but the facts are layed out in the link.

They can demand a winding up or as you have a directors personal guarantee, a bankruptcy.

 

You need to contact them as you cannot disagre with it as you have already had an arrangement. Even though you complied with it too the letter, there is still a balance

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we need to see this supposed PG and its wording

think you've been had here sadly.

an SD should not be used as a debt collection tool.

 

so HAS this actually been to court?

 

I bet not and all of this has been done mostly on the phone too ?

 

evidence please not speculation....

 

read upload

scan the docs up one multipage pdf

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Have you considered a CVA (Company Voluntary Arrangement)

 

https://www.gov.uk/company-voluntary-arrangements

 

Did you PG provide for ‘Cap’ a Director’s Liabilities ?

 

Every personal guarantee is different so you should check the small print for your particular situation.

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

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Hi I have attached my declaration part of my PG

 

I have attached my declaration part of my PG

 

It has not been to court as i have not been served the bankruptcy petition yet as they are trying to serve me with it as they posted a letter stating they are going to come at such a time on such a date an have been in a total of 4 times but only one was a actual arranged time i l knew about as they posted a letter stating this this is how i know they are trying to serve me

 

should i accept the petition or not not sure what the best thing is to do

 

all communication with them in the past has been done via telephone and email

 

The CVA would not be suitable for us as we have sold the company

 

The creditors are coming after us personally

 

i have attached the declaration of my PG if this helps

 

Thanks

PG.pdf

Edited by dx100uk
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" then at the beginning of July the winding up petition went active "

 

" i have not been served the bankruptcy petition yet as they are trying to serve me with it "

 

Insolvency law does not specifically cover an application by a company to set aside a statutory demand. However, any person has the right to defend legal proceedings, so a company can apply to stop the process.

 

If your company has a valid defence to the demand, it can apply to the court to stop the creditor presenting a winding-up petition. You should seek legal advice before applying to the court.

 

If you succeed in the application to stop the creditor presenting a winding-up petition, the creditor will have to pay the hearing costs. If the application fails, you will have to pay them.

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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Yes I am aware of that...is the creditor ? and who are they trying to wind up ...the company or you personally ?

 

Was the SD to the company or you personally ?

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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Then there not winding up your ex company...they are trying to make you Bankrupt.

 

Ideally they should have issued a court claim for the money...not used a Statuary Demand.Did you get anything in writing agreeing the payment plan you have been making ?

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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hi they tried to wind up the company few months back

we set up a payment plan we paid it regular

then they demanded the whole amount which we was unable to afford 12k in one hit

 

so our best option was to sell the ltd company therefore passing all asset debt and responsibility to the new owners

 

two weeks later we have the creditors collection agency attempting now to serve me a personal bankruptcy petion personally

 

hope that clears it up

 

are they allowed to serve us this bancrupcy petition

we were paying these guys £500 pcm un missed

now we have no business and income yet they're demanding it all or make us bancrupt

 

does anybody suggest a plan of action ?

 

steps to follow to deal with this now ?

 

your help is appreciated

Edited by dx100uk
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hi they tried to wind up the company few moths back (But you said the SD was served in your names not the Company ?

we set up a payment plan we paid it regular

then they demanded the whole amount witch we was unable to afford 12k in one hit

so our best option was to sell the ltd company there for passing all asset debt and responsibility to the new owners

two weeks later we have the creditors collection agency attempting now to serve me a personal bankruptcy petion personaly (how do you know its for you personally and not the Company ?

 

 

Andy

We could do with some help from you.

PLEASE HELP US TO KEEP THIS SITE RUNNING EVERY POUND DONATED WILL HELP US TO KEEP HELPING OTHER

 

Have we helped you ...?         Please Donate button to the Consumer Action Group - The National Consumer Service

If you want advice on your Topic please PM me a link to your thread

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