- Original Poster
- #1
Good evening.
Up until three years ago i owned a successful garage. However, poor health and disabilities forced me into a position where i needed to think of other things, like making it to 60!
I found a buyer, who was keen as mustard, and we started the process of him purchasing the company. Unfortunately, 2 months before we were due to actually start the signing and hand over, he was diagnosed with terminal cancer (yes, that did happen) and pulled out. I was at a point where i really couldn't continue, and found someone who would purchase the equipment, stock etc, and take over the lease. We had, or so we thought, a directors loan equating to £60 left to pay us from when we installed an mot bay. The loan was against all assets.
so, after a year of messing around between myself, the landlord and land registry, the deal went through.
I decided to fold the company, as there was no way the buyer would get that for the money he paid. I paid £3.5k for a company to do the voluntary insolvency.
(sorry, yes i did feel i needed to give the backstory)
I have just been informed by the liquidator, that the directors loan had not been registered with companies house or hmrc, so is there fore invalid (thanks accountants!!).
He states that out of the money that i received for the equipment (not the lease) he will be putting a £35k charge against me, as i sold the equipment and used the money to pay myself before other creditors (preferential payments).
I informed him that as i used over £26k of that money to pay rent, solicitors fees and bank overdraught, that should be taken into consideration. These were things that had a directors guarantee.
He is adamant that i need to make an offer close to the 35k mark, and to top it all, he has only now informed me that 12k of the debt is their time, even though i paid upfront with no warning of extra charges.
I'm not even sure what my question here is, but is this all normal? I would have thought that debts with a personal guarantee would be amongst the first to be settled, and if i hadn't paid the rent, the landlord would have taken possession of the building and contents, leaving nothing to be sold.
I dont know what to do.
Up until three years ago i owned a successful garage. However, poor health and disabilities forced me into a position where i needed to think of other things, like making it to 60!
I found a buyer, who was keen as mustard, and we started the process of him purchasing the company. Unfortunately, 2 months before we were due to actually start the signing and hand over, he was diagnosed with terminal cancer (yes, that did happen) and pulled out. I was at a point where i really couldn't continue, and found someone who would purchase the equipment, stock etc, and take over the lease. We had, or so we thought, a directors loan equating to £60 left to pay us from when we installed an mot bay. The loan was against all assets.
so, after a year of messing around between myself, the landlord and land registry, the deal went through.
I decided to fold the company, as there was no way the buyer would get that for the money he paid. I paid £3.5k for a company to do the voluntary insolvency.
(sorry, yes i did feel i needed to give the backstory)
I have just been informed by the liquidator, that the directors loan had not been registered with companies house or hmrc, so is there fore invalid (thanks accountants!!).
He states that out of the money that i received for the equipment (not the lease) he will be putting a £35k charge against me, as i sold the equipment and used the money to pay myself before other creditors (preferential payments).
I informed him that as i used over £26k of that money to pay rent, solicitors fees and bank overdraught, that should be taken into consideration. These were things that had a directors guarantee.
He is adamant that i need to make an offer close to the 35k mark, and to top it all, he has only now informed me that 12k of the debt is their time, even though i paid upfront with no warning of extra charges.
I'm not even sure what my question here is, but is this all normal? I would have thought that debts with a personal guarantee would be amongst the first to be settled, and if i hadn't paid the rent, the landlord would have taken possession of the building and contents, leaving nothing to be sold.
I dont know what to do.
