Recovery of Directors Loan - HELP!

[Martino]

My wife set up a Ltd property development company in 2003 which we jointly financed with a £700K directors loan to purchase an initial 2 buildings. 2 years later she ran off with one of the builders! I'm left paying the debt on our joint mortgage (we released £400,000 of equity from our house as part of the loan referred to above plus a capital sum). Obviously STILL going through Court stuff regarding the divorce but having loaned the business £350K personally which still shows (or did) in the business accounts, can I request it back? Wife is drawing from the Directors Loan but there is still sufficient capital in the business to pay me. But she wont release any payment. Can I legally recover this money?

[elainec100@cheapaccounting]

I should have thought this would need to be tied up in the financial settlement of the assets from the marriage.

[Martino]

...... I am going down that route but with 5 weeks until Final Hearing I am still waiting for full financial disclosure, she is shedding some of her properties and right now I have no idea where the released equity is going. She says that the £700K is 'lost' due to downturn in property market, she hasnt got her accounts for Y/E 31/10/08 prepared so I dont have these either and the court only ruled she would have to disclosure bank statements for the period. She still hasnt done this. So I was wondering if I should change tack and go after the loan repayment seperately.