Need help re liquidator

Discussion in 'Insolvency' started by bytheseaside, Nov 19, 2019.

  1. bytheseaside

    bytheseaside UKBF Newcomer Free Member

    13 0
    Troubled Old co was in line for a project bonus but went into voluntary liquidation with the liquidator being recommended by our accountant. Started an IVA at the same time. Total cost to arrange both was about 12k.

    Each month, salary+divs drawn with all surplus earnings going into the IVA.

    A new co was started to finish the contract and recieved said bonus, then the contract ended. Agreed a year beforehand with liquidator to pay roughly half of any bonus to old co. Amount of bonus was unknown at the time with a wide range from £0 to mid 6 figs. If it had come in at the max, it'd have paid all debts and I was happy for that to be the case.

    However, the bonus paid out about 1/5th of the max.

    With no income at this stage (Feb) we were forced to sell our house of 15 years, our cars, anything else we could lay our hands on to settle the IVA (liquidator was actually the main creditor in the IVA, also). IVA settlement was agreed.

    My wife has been hit hard, she has since tried to commit suicide. I went to see the liquidator to explain that New Co could only afford to give old co 26k and not 38k (12k had to be used to restore the position of new co following the cost to arrange the IVA and liquidation).

    The last thing I wanted was to put new co into the same pos old co was in!

    Our house sold for more than expected and for the liquidator this cancelled out the difference in bonus and so he was happy. "I'm a pragmatic guy", he said. And we agreed 26k. I went home, typed up what was agreed and sent him the money. Thought that was the end of it.

    A week later, he changed his mind and has been hounding me ever since. "What happened to the rest of the bonus?" he asked.

    Well - 12k you know about already, the rest was spent on rent upfront, deposit, before our house sale completed. Had to get my wife out of there. This means a few months of rent and mortgage before completion in Sep.

    He has taken offence to this, saying I'd used that money for personal stuff and has given me 10 days before starting legal proceedings which he says could result in new co being wound up.

    That would suit me if that's the worst that would happen? The only cash it has in the bank is for it's tax.

    Simply have nothing left to give them. Wife is in a real state, keeps talking about ending it all which is becoming very frequent, almost daily.

    I appreciate we agreed a percentage split of the bonus with the liquidator, which is why I took the time to go see him as soon as it looked like we'd be light and clearly we came to a verbal agreement resulting in me sending all I could afford on the day. Now I think he's just being a bit greedy. Not sure what he can hope to achieve?

    He says they are in a compromised position after promising an amount they would deliver to creditors (HMRC). However, the bonus was never guaranteed AND our house sold for much more than expected. It doesn't make sense to me.

    Unsure what to do. Any ideas?
    Posted: Nov 19, 2019 By: bytheseaside Member since: Jul 26, 2017
  2. Lisa Thomas

    Lisa Thomas UKBF Enthusiast Free Member

    3,515 445
    You really need to speak to a specialist Insolvency Solicitor asap. I can recommend one if you DM me.
    Posted: Nov 19, 2019 By: Lisa Thomas Member since: Apr 20, 2015
  3. RobinBHM

    RobinBHM UKBF Regular Free Member

    312 103
    Unfortunately I cant help with your query, but I just wanted to say if your wife is suffering extreme levels of stress do get some help, ideally GP but even herbal remedies like Kalms help.

    Try and make time to do something like a nice walk, sports or similar -make sure you have a periods of time where you dont talk about it. I was going through this earlier in the year and know how it can consume every waking moment with the worry, leading to arguments, sleepless nights etc.

    Be aware that extreme periods of stress can trigger off illnesses......and health is more important than money.
    Posted: Nov 19, 2019 By: RobinBHM Member since: Apr 14, 2012
  4. bytheseaside

    bytheseaside UKBF Newcomer Free Member

    13 0
    Cheers Robin. :)
    Posted: Nov 19, 2019 By: bytheseaside Member since: Jul 26, 2017