Understanding terms

SuziQ

Could anyone on here tell me the difference between 'company dissolved' 'in liquidation' and 'proposal to strike off'? I am trying to get through to business debtline but they are really busy and the battery keeps dying on my phone!
I used to have a business with my ex and I am sick of being lied to,some of the problem is he doesn't understand what's going on and won't take advice (his accountant just keeps telling him to chill,all debt has died with the company and he is allowed to sell of any remaining assets and pay us the wages we are owed for last year). I have no money to take legal advice myself but I was listed as director on one of te 2 companies that he had-one is 'dissolved' by companies house following problems with the original owner of the company who failed to file the last accounts due when we bought the business. the other is 'proposal to strike off' which he doesn't want to fight as the busness is failing/failed anyway.


The assets include several vehicles,which he wants to sell to pay off a loan he took out for the business which is secured against my house. I would be happy with that-but only if it is legal!

Not sure where I should have posted this!

maxmycardagain

Proposal to strike off is generally an action taken by companies house following no filing of accounts or no replies to letters (as in having moved) for some time.

if the proposal is not opposed then the company will be struck off, in effect it should cease to trade.

you could contact companies hose and get yourself removed from the list of directors, side-stepping any future legal problems.

HMRC may go looking for taxes due off the ltd company, estimating them as they go along..

what is the regd address of the ltd companies? your address?
.

if your house is surety for secured loans you need to get as much as you can, in cash, off him....he seems to be cavalier in his attitude to his liabilities, regarding the loan, was it secured with your knowledge, you say the house is "yours", its not joint then?

i doubt you have too much to worry about if you get off the register at companies house, let him have the flack, BR isnt looking like an option, its that loan you want cleared.

SuziQ

Thanks for the reply. Companies house have told me I can't be removed from the list of directors as it's too late.
Cavalier attitude-you've hit it on the head!
I say 'my house' as I owned it for 14 years before I met him,however he is joint owner as he is on the mortagage. We have always had an agreement he would take none of the equity which was in the house prior to us meeting-which would be fine without all this debt as he has never reneged on that,however I am perfectly aware that the house is the only joint asset and that I am at risk of losing it. I took legal advice over a year ago and was told at that time there was nothing I could do to protect the house.

I find it all so confusing. Yes the company is still reg here,he moved out in April but Companies house wouldn't change the reg address.

I have had a stream of bailiffs and DCA here and have at times felt very intimidated-the threats they make are outrageous and it's only the fact I learnt from here that the threats were empty that stopped my going bananas! It has taken him months to even start addressing the problems amd I have been tied in that I have not had access to any of the paperwork to try and sort things out myself.


I can just see all the brown stuff sitting there ready to hit the fan this week-things are hotting up and I am bracing myself that I will lose everything I worked so hard for before I ever new him,it's depressing but I have to accept that I made the mistake in trusting him and going along with his obsession to run his own business again (he ran one with his ex,which came close to failing-he always blames her and I believed him!-but they managed to get out before losing everything,closed the business and managed to pay all their debts.)


I really do need to get some professional legal advice but am living hand to mouth at the moment,and what little money I managed to save over the last 2 months through the grocery challenge etc I have given to my daughter who has just started Uni and is broke as her grant and loan only covered fees and accom costs.

What a nightmare! Think I need to go and get a cup of coffee and take a few deep breaths!

Feel better for posting though.

Forgot to say,he has admitted he forged my sig to get the loan. This debt is a mess anyway as the guy at Nat west who arranged it completely messed it up,maikng it out at the rate over 6 years but then putting 3 years on the form that was signed. The bank then imposed the higher monthly repayment without advising us -the company would never have been able to sustain the higher monthly rate,which was clear from the info which was submitted to obtain the loan.I am not sure how it stands-the financial ombudsmen said that if the loan had been signed properly by both of us,we might have some recourse for comp as the laon wasn't executed correctly,but the fact I didn't sign and that the guy at nat west didn't insist on me being there and listening to the blub about 'your house could be at risk' etc would probably take a legal battle to sort.

A very clear message that honesty is deffinitely the best policy. He also forged a signature to get a loan against a vehicle he didn't own at the time.
Understand why I am no longer with him?!!!!!! I went ballistic when I found out about all this.

maxmycardagain

does either business have debts?

you and OH may have an agreement about the house, the OR may not see it that way

what is secured on the house, what debts are there joint?

SuziQ

I have credit cards etc plus a loan I took out when we had a builder mess up work on the house-my name only. He has never been able to get personal credit (if only I had been on mse when I met him-I never thought about why he couldn't get credit back then!)
The debt secured on the house is £25,000. The house has approx £120,000 equity(I am being very conservative due to current property slump etc-I have a 4 bed, 2 bath house with huge garden,smaller houses in my road are on sale for £50,000 more than I am personally valuing this for as I think they are being unrealistic in the current climate).

Why are you talking about OR? I wasn't aware that I am bankrupt if the businesses are dissolved? I am not in arrears for any of my debts,do have arrears on mortgage which I have an agreement with Abbey in writing about,the loan he took on the house is not in arrears,also there are 3 vehicles worth approx £40,000 in todays depressed market whih have no finance on. I am just not sure whether he can just pay off the secured loan against the house (it is in one of the company's names though it's not in his name). He has spoken to business debtline 3 times today,they have told him to sell the vehicles,pay off the secure loan which is the only debt against the house,also that he can pay wages owed but not to us as we are listed as directors (drat!)there are no wages owed other than to us,which it seems we won't get.There is an outstanding bill to the accountant,various phone bills BDL say 'died' with the company,around £4,000 tax owing which we could pay out the money for te vehicles if we are allowed?

Do things actually look less frightening than I originally thought,or are you saying we will still have to deal with an OR? BDL seem to think that any unpaid debt will just die with the company.



ETS-have just been reading a load of stuff on the Companies house website which pretty much contradicts everything my ex reckons BDL told him. Sigh.
I also understand why you mentioned OR.
I think high priority is for us both to go and see a solicitor specialising in this so we know exactly what we have to do and what is going to happen re the house etc. I know he will resist as he won't want me to mention the fact he forged a signature,but the solicitor will need to know EVERYTHING if they are to advise us properly! I am going to ask him to sell one of the smaller less valuable vehicles that hasn't been used for months-will probably only raise a couple of grand but that will be enough to get initial legal advice,and if we weren't supposed to use the money that way we will have to deal with it as and when (although I would have thought legal stuff would be a legitimate use of company funds.)

Lots to do! I would rather know the worst than keep suspecting it,and it causes dreadful rows between us-I can't sort the divorce out until all this rubbish is dealt with,either!

maxmycardagain

old saying...out of debt, out of danger

any secured debt, or unsecured made secured via a charging order into a secured debt is a danger.

the Ltd companies do not sound much of a threat, but id want to safegaurd my equity in the house, and get OH off the deeds asap.

maxmycardagain

your biggest danger is upsetting HMRC, they have no heart, and will want your house to settle any tax bill, watch em.

SuziQ

maxmycardagain wrote: »

your biggest danger is upsetting HMRC, they have no heart, and will want your house to settle any tax bill, watch em.

Thanks for your input. They have been relatively patient over the last 2 years but I think my ex would try the patience of a saint! I want all these issues settled as I am due for major surgery and could do without the xtra worry. He sees no reason to hurry/perhaps is just too scared to face what needs doing. His behaviour has reinforced my belief that I am right to divorce him though-very difficult decision for me as a Christian as my Church friends keep telling me I married him for better or worse etc.That may be but I also need to try and get a more stable life for my children,I also don't want to live with a liar so there you go,many thanks once again.

lesley1960

If the company is a limited company then you arent responsible for the company debts , unless you have signed personal gaurentees.

SuziQ

lesley1960 wrote: »

If the company is a limited company then you arent responsible for the company debts , unless you have signed personal gaurentees.

I realise that Lesley,but we are trying to find out whether we can clear a secured debt against our house-we took out a £25,000 loan to pay the second half of the cost of the second business he ran,which is secured against the house. The debt is in the company name but guaranteed by us (well,he forget my sig!) which is the only way banks will issue loans now as otherwise that debt would have died with the company too!

My bigest concern,is that when he is asking advice he doesn't tell them the whole picture,he then gets inaccurate advice and makes more mistakes:rolleyes:


Very frustrating,as I had no debt apart from my mortgage when I first met him and now my credit rating is completly ruined.

Rylynn

I would imagine you are right, he is not telling them the WHOLE truth, and therefore may be getting in accurate information.

This is one sad tale and I feel sorry for you SQ, I know what it is like to live with a compulsive liar, and how very plausible they can make things sound, until you have just about had enough and realise it has all been a lie.

On the fact he forged your signature, you were not present at the bank, surely there is some law against this, it is surely illegal, which would mean it should not be secured against your home.

I think you need to take advice on your own first, so that you know where YOU stand and your home.

I know the feeling of not having any debt until my OH came along and now I am left with it all, and having to go BR, he did a runner! However I do not have a house to worry about which is why I feel so sorry for you and you have your health to consider.

I honestly just cannot see how he can be allowed to get away with forging your signature and that is what I think you need to find out about. If the bank mucked up other things on it that is not your problem as you did not sign for it in the first place.

Hope you can get advice asap, as I can imagine this is very stressful for you right now.

RL