charging order

[Still Waving]

Re: charging order

That all makes sense. Presumably if push comes to shove (and we hope it won't) you could let the bank place any charging order (only if they get a CCJ first!) on one of the Buy-to-Let flats and not your home.

I wouldn't put it past them to try to get a charge on all three.

[PlanB]

Re: charging order

I had to buy the properties on paper because at the time my credit score was good whereas my ex partner had a ccj so couldnt get a mortgage. The properties were originially a house which we converted into flats . . . . . . There is possibly some equity in the property now.

The properties were bought at market value at the time on 2 buy to let mortgages

That all makes sense. Presumably if push comes to shove (and we hope it won't) you could let the bank place any charging order (only if they get a CCJ first!) on one of the Buy-to-Let flats and not your home.

[GlobalC]

Re: charging order

Okay I get the picture now And I can also see why you are feeling the pressure.

You said in this post # 5 in your other thread (God I wish I knew how to cut & paste ) that you bought the properties off the company so I'm guessing your ex-partner probably presumes that deal extinguished his personal guarantee for everything with NatWest:

http://forums.all-about-debt.co.uk/s...l=1#post234177

I'm also guessing he's blissfully unaware of the current situation which is why you are seeking a resolution with NatWest to prevent his home being seized by the bank.

Just so we get the full picture (and without being judgmental in any way ) what was the equity situation with those properties when you bought them off the company? In other words did you buy them for below market value? Were those properties in joint names with your partner who was willing to let them go *cheap* to you in order to extricate himself from the company affairs?

Unfortunately its a bit more complicated then that! I had to buy the properties on paper because at the time my credit score was good whereas my ex partner had a ccj so couldnt get a mortgage. The properties were originially a house which we converted into flats, during this time the housing market crashed so we didnt want to sell them at a loss. So i took the properties on in my name but essentially they are both still owned by the 2 of us. There is possibly some equity in the property now. I am away till the weekend when I will send some more stuff to Josie and hopefully get some good news

The properties were bought at market value at the time on 2 buy to let mortgages

[PlanB]

Re: charging order

Global crossings you have mail

[Joanna Connolly]

Re: charging order

Global crossings you have mail

[PlanB]

Re: charging order

My ex partner is still around but he thinks I have taken care of the debt as part of the sale from assets

Okay I get the picture now And I can also see why you are feeling the pressure.

You said in this post # 5 in your other thread (God I wish I knew how to cut & paste ) that you bought the properties off the company so I'm guessing your ex-partner probably presumes that deal extinguished his personal guarantee for everything with NatWest:

http://forums.all-about-debt.co.uk/s...l=1#post234177

I'm also guessing he's blissfully unaware of the current situation which is why you are seeking a resolution with NatWest to prevent his home being seized by the bank.

Just so we get the full picture (and without being judgmental in any way ) what was the equity situation with those properties when you bought them off the company? In other words did you buy them for below market value? Were those properties in joint names with your partner who was willing to let them go *cheap* to you in order to extricate himself from the company affairs?

[GlobalC]

Re: charging order

Your mortgage and home may be in your sole name but according to your other thread (sorry I can't cut & paste ) your business partner also signed a personal guarantee. Where's he gone because this debt is his liability too isn't it? The bank can slap the CO on his home and not yours if they want Maybe this isn't a time to be overly loyal to your ex-business partner since this may be his sh*t too.

My ex partner is still around but he thinks I have taken care of the debt as part of the sale from assets

[GlobalC]

Re: charging order

Can you clarify the current status of your company which has "ceased to trade"? In your other thread you posted almost a year ago that the company was "pending being struck off again". It seems that you tried to get it struck off in 2010 but a creditor (Yell) objected and you never heard from them again after that.

Have I understood that correctly in post #3 here: http://forums.all-about-debt.co.uk/s...l=1#post234174

What, if anything, stopped it being struck off last year? If you don't submit your annual return or accounts then Companies House will helpfully strike it off for you without costing you a penny. Perhaps you've been advised by an accountant that this would be unwise? Would that guarantee die if/when the company is struck off?

I have just checked and it was suspended from being struck off again last month , I guess its the bank that keep objecting

[GlobalC]

Re: charging order

Is this a DCA threatening a charging order or the original creditor?

No this is currently with Natwest

[Never-In-Doubt]

Re: charging order

I'll send it to Josie ok?

* She is a solicitor and very experienced in this field

[GlobalC]

Re: charging order

Thanks for the reply's guys, I m going to send what I have other to Niddy now. I'll try to answer some of the questions shortly.....

[Joanna Connolly]

Re: charging order

The interest will potentially still be charged until the PG's have repaid the OD. The point is they personally guaranteed repayment of the OD and any interest accruing.

having said that - the devil is in the wording of the PG and in any side letters passing between the bank and the PG. I would need to see the PG to advise.

[garlok]

Re: charging order

Refer to Companies Act 2006 and Companies House explanations. You cannot now just strike a company off anyway. It must have NOT traded at all for three months, it must have NO creditors at all and that includes directors loan accounts which are in credit (the directors are defined as creditors if the DLA is in credit). Its all there at Companies House easily explained. We ARE going through it at the moment and it will take a year to get through all the now onerous business of dissolving unless we have to force members voluntary because of the sale of an account by BC.

We extinguished a major part of personal guarantees with the wording of the Full and Final which included no pursuit whatsoever etc and then they sold recently the BC company card account out to a third party. Extinguished completely. There is a lot of information by Patrick Selley of Keystone lawyers about PGs as well.

G

[fluffystuff]

Re: charging order

Ltd company process isnt my strong point, i deal mainly with SME's but a guess would be, if a company is in liquidation, the interest should be frozen.

My reasoning for this is quite simple, but could also be very wrong. If a business has ceased and been liquidatied, they can not hold an overdraft. That overdraft would have been covered in the liquidation, any surplus company reserves would have gone to pay down that overdraft, if theres nothing left, then it cant be paid off. However, as there is a personal gaurentee attached to the overdraft, then the gaurentor becomes liable not the business.

My personal view, is the interest should have been frozen, the overdraft called in, and the total sum due from the gaurentor, should the company not have enough assets to repay the O/D once liquidated.

Perhaps a quick call to the insolvency service Monday morning may shed some light on general process, i know they have no hold over a bank but they may advise on what the usual process is regarding overdrafts when a company goes in to liquidation.

SXGuy, I would absolutely love you to be right ..............

In our case, the bank continued to add interest and charges from the day we wound up the company until the time, almost two years later, we were in a position to settle under the personal guarantees.
( The PG's were not called in until a year after our company ceased trading.)

[SXGuy]

Re: charging order

Ltd company process isnt my strong point, i deal mainly with SME's but a guess would be, if a company is in liquidation, the interest should be frozen.

My reasoning for this is quite simple, but could also be very wrong. If a business has ceased and been liquidatied, they can not hold an overdraft. That overdraft would have been covered in the liquidation, any surplus company reserves would have gone to pay down that overdraft, if theres nothing left, then it cant be paid off. However, as there is a personal gaurentee attached to the overdraft, then the gaurentor becomes liable not the business.

My personal view, is the interest should have been frozen, the overdraft called in, and the total sum due from the gaurentor, should the company not have enough assets to repay the O/D once liquidated.

Perhaps a quick call to the insolvency service Monday morning may shed some light on general process, i know they have no hold over a bank but they may advise on what the usual process is regarding overdrafts when a company goes in to liquidation.