Hand Back car

hugovendeen

Went bankrupt at start of year, accused of preferential payments to suppliers in my business so could restart a new company and never paid tax. Now pulled up for it and been asked for 50 grand or will come after me personally as director. trying to come to agreement but dont have money to pay 50g or wouldnt have gone br in first place. What i want to know just now is can I hand back a car that is on hp #, paid thro the business I have had for 2 years and never missed a payment £300 and have a 5 year agreement, on £15000 loan, as trying to lower outlays to make payments to liquidator. Any ideas?

skylight

Who is asking for the £50k? The official receiver? When did you pay your suppliers (before or after BR) and how? You shouldn't have done (hence the problem now). How do they get to £50k though??
What sort of company set up are you? Sole or Ltd?? Is the car agreement in your name but paid by the company or in the company name??
Are you in England/Wales or Scotland??

JPS29

hugovendeen wrote: »

Went bankrupt at start of year, accused of preferential payments to suppliers in my business so could restart a new company and never paid tax. Now pulled up for it and been asked for 50 grand or will come after me personally as director. trying to come to agreement but dont have money to pay 50g or wouldnt have gone br in first place. What i want to know just now is can I hand back a car that is on hp #, paid thro the business I have had for 2 years and never missed a payment £300 and have a 5 year agreement, on £15000 loan, as trying to lower outlays to make payments to liquidator. Any ideas?

HI.

Can I just check the above highlighted is corrrect?

If so you shouldn't be operating as a director of a company whilst BR, I only know as I had to resign as director of 2 ltd companies in my own BR.

JPS29

Hang on, just seen the bit about the liquidator.

If the LTd company is in liquidation then the Ltd company debts will be included in that, you are no longer a director so therefore can't be pursued for the compnay debts. This is a different case to any personal g'tees you offered though, however as you will have not entered into any agreements since BR, these should be covered by your own BR.

HTH

hugovendeen

never explained self properly. Pulled plug before going BR and started a partnership carried on suppliers bills into new business,I know caused all my own problems and didnt do it right. but just trying to keep business going and my staff employed at the time. I have a pub in Edinburgh. Always paid my taxes up till now have been running for 25 years, always skating on thin ice but surviving so to speak. Car is in my wifes name she was also a director but paid thro business. It is the official reciever who is asking for the money.
Sorry for not explaining myself right know been stupid.

JPS29

Right, makes a bit more sense.

I would urge you to contact business debt line, or the likes.

What youhave done IS wrong, you cant close a business, but chose which debts will be absorbed by the liquidation and which debts wont. (I know you are aware of this, I merely put it for anyone in the same boat thinking of doing this)
Therefore the OR is bang on the money about pref treatment of creditors.

Re handing back the car....

If it's in the business name (you said paid through the business) then I assume this too is covered by the Ltd co liquidation. If however it is in your wifes personal name I can't see the finaince co letting her hand it back. Check the back of the finaince agreement. It will give you percentages. Ie pay 33% (not sure of exact amount) and car can't be repo'd without courty order, pay 70% or so, car can be handed back and agreement voluntarily terminated.

I know why you done what you have but you are right, it has caused you problems. Please keep us posted and come back for any more advice.

Best wishes