Advice on dealing with Official Receiver

[Countryman999]

I have been asked to a meeting and given a huge booklet to fill out,
The company has 2 creditors left - me personally losing £150k and CVA in arrears 150k, everything else is cleared up.
Should I write to the OR before the meeting with the final balance sheet and explain this to try and avoid further costs of a meeting or go along and explain face to face?
I have asked accountant to be available for a call during meeting with OR to confirm position if necessary.
any advice on how to deal with this situation to minimise time and future problems would be great.

 

[Lisa Thomas]

I presume your Company is in compulsory Liquidation?

What is the purpose of the meeting with the O.R?

Have they already asked you for an explanation of the final balance sheet?

It's difficult to advise without knowing the context of the meeting and what's happened to date.

In the perfect world I would take an insolvency solicitor with you to ensure you do not say the wrong thing whilst being interviewed that could come back to bite you later by way of a personal claim brought against you.

 

[Gavin Bates]

Hi

Your message suggests this is the first meeting with the OR as you have the questionnaire to complete. I personally think you should attend as my experience is that it tends to get OR back up if you don't and don't have a good reason for not attended (serious health, can't afford to travel etc).

Generally, if you haven't done anything wrong then you have nothing to fear.

Remember the OR has a job to do if you can speed this up then it may help. Remember they know nothing about you or the business other than the information that is publically available (companies house, credit search, and the internet).

If you are concerned then you could take your accountant or solicitor.

Regards

Gavin

 

[Countryman999]

Thanks very much for your replies.
The company went into CVA for 750k in early 2014. It managed to pay 60k in before it had to stop trading and I sold all the assets / settled all the debts / negotiated write offs and it cost me personally 150k to do this. But then the CVA has failed
I plan to attend the meeting and have accountant who can call in to verify the final balance sheet. I was thinking of emailing an outline of the reasons the CVA failed, and the actions I took over the past 2 years to close down everything and pay off everything apart from the CVA out of my own pocket. Sending the final balance sheet and explaining there are only me and the CVA owed money would I hope be really straightforard and that I dont need to spend huge amounts of time finding information

 

[Gavin Bates]

Hi

I am a bit confused and think it may be a good idea if you take some advice because from your comment above you seem to have paid some creditors in full but no others, which suggest that you preferred some against others?

Gavin

 

[Countryman999]

Hi thanks Gavin,
The company ran out of money after it stopped trading, I personally rather than the company paid off all the debts as they came due and CVA for a while, but could not pay the ongoing payments into the CVA after may 15, eventually in dec 16 supervisors of CVA applied for winding up. Hence appointment of OR. The company therefore has 2 creditors left - me and the CVA.
Does this sound alright

 

[Gavin Bates]

Hi

OK, that explains it a bit more. Really you should have liquidated the Company at the time and then all the creditors would been equal. Obviously that would have saved you money as well. However we can't go back.

Whilst I can still see a potential preference issue I think given the money you have put in you have a reasonable position to defend, in that you keep up with your obligations as best as you could, and you are also a large creditor

Gavin

 

[Countryman999]

Thanks Gavin, I did tell the joint supervisors of the CVA of everything i was doing along the way, and paid what i could in, they are IP's and raised no issues to date. All assets were sold at book value or above, anything possibly connected with independent valuation. So I thought I was doing things right.

 

[Gavin Bates]

I am glad to hear that you have evidence to supports sale of assets etc.