Barclays Bounce Back Loan Repayment Predicament

[Karalius]

Hello Ethel,

The current status of the £13,000 investment... Presently, its value stands at £1,055. I would also like to mention a transaction from May 2023 involving the liquidators offering to sell me cryptocurrency and a PC equipment from the company for a total of £768. I used personal funds to complete this purchase. The PC was valued at £300, and the cryptocurrency, as indicated in the invoice, was priced at £340 plus VAT. At the time of acquisition, the cryptocurrency was valued at £340.

I received a call from my liquidator today. However, following advice from Griffins Lawyers and CAG, I refrained from answering the call. Presumably, the liquidator wanted insight into my course of action to relay it to Griffins Lawyers.

Looking ahead, it seems likely that the matter will proceed to court action. The outcome, including the potential of bankruptcy, will be determined by the court? Understanding the ramifications, I'm curious about the repercussions and penalties associated with bankruptcy. Enduring six years of restricted credit and financial activity seems daunting. Contemplating alternatives, I ponder whether borrowing £5,000 to settle the matter is wise move? Although feasible to repay within four years, it's disheartening to consider providing undeserved funds to be divided amongst them.

Navigating this situation feels overwhelming, especially considering my extremely poor record-keeping practices. Gathering evidence will pose a challenge, aside from the bank statements documenting the transfer of funds from the business account to my personal account and subsequently to cryptocurrency exchanges.

Thanks

[BazzaS]

I’m confused : the liquidators wanted to sell you the cryptocurrency owned by the company?

(That and the printer : if 300+ 340 -> 640, which would become £768 if VAT at 20% added to both).

is this the same cryptocurrency you purchased as an individual? If so, then they seem to be accepting the cryptocurrency was indeed held by the company, rather than you as an individual…. In which case you shouldn’t be personally liable (provided you didn’t offer a personal guarantee).

 

If they sold you a company asset (be that a printer or cryptocurrency) that implies it was owned by the company and not you personally!!

 

Edited March 6 by BazzaS

[Karalius]

Hi BazzaS,

Wow, thank you for bringing this to my attention, I am glad I mentioned it. To clarify, the cryptocurrency and PC equipment were acquired from liquidators and paid for using my personal account. Regarding your inquiry, yes, it is indeed the same cryptocurrency that I purchased personally, and I did not provide any personal guarantee. I have not signed any documents with my company or the liquidators indicating personal liability.

I've attached the invoice from the liquidators, with sensitive details of my company and the liquidators redacted. I also realised that the date on the invoice is 2022, it should have been 2023, not sure if that makes any difference. 

I would appreciate your insights on this matter.

Thanks

Invoice for Sale of Assets.pdf

[Ethel Street]

@Karalius  any updates on this/

[Karalius]

Good morning, Ethel. I haven't received any communication from them, neither via email nor post, since the last attempt to reach me by phone.