Insolvency Practitioners

billybraggtastic

Anyone got any experience with dealing with these guys? The IP appointed to handle the Insolvency of my business is leaving me with a headache and I need to know where I stand.

Quick overview. When the company was liquidated they told the company vehicle drivers to take the vehicles home, park them in their drive and they would arrange for collection (saves money on uplift & storage for the Liquidator). All good in theory.

Last night I get a knock on the door (not for the first time in the near 2yrs since Company folded) asking where vehicle such-and-such is. Told the guy what had happened and he recalls looking for this particular vehicle 18mths or so ago but couldn't find it.

He goes on to say that it's in my best intrests to sort things out as I am the Guarantor and if the van is not recovered I'll be getting a bill for the o/s balance of £12500.

I know legally what he is saying is correct but my first reaction is that the IP has failed to carryout his duties properly at the outset and that I am going to suffer as a consequence.

Any advice or experience in similar circumstances greatly received.

cheers
bbt

immoral_angeluk

Not sure if its the same with business BR, but I know in personal BR the trustee has up to 3 years to deal with any assets...

debtinfo

couple of questions

Who was the person who called and where is the vehicle he was looking for

billybraggtastic

The guy only left his name and number on a scrap of paper but said he had been sent by the Finance Co (and he did have paperwork from them concerning the vehicle).

The vehicle was to retained by the driver until uplift - so should be at that individual's address. Problem is it is nearly 2yrs since the IP told the driver to take it home and many things could have happened since then.

I had been visited by another agent of the Finance Co in January, and had given him the details of the IP and told him what I knew. I phoned him yesterday and he recalled the 'job' and that he had spoken to the driver who advised him that, while he didn't keep the van at his address but at that of another employee of my company, the van had been uplifted in Sept 09. This agent had informed the Finance Co and advised that they should carry out a search for the registered keeper if they wanted to pursue further, and left it at that.

So I now have an agent at my door looking for a vehicle that may have been already uplifted, advising me that I will be liable for alsorts!

My main issue is with the IP and what I regard as a derliction of his duties - he should know where the assets of the Company are - stored, maintained & insured against loss. This is obviously not the case.

debtinfo

Technically if the assets were on HP or lease then they are not the companies assets, they are 3rd party assets and so not the responsibility of the IP

billybraggtastic

In that case 'asset' may be the wrong term - it does not negate the point.

The HP agreement with the company requires that the hirer maintains and insures the vehicle to protect the owner's interests. This responsibility passes to the IP on his appointment and therefore the safe return of the vehicle to the owner to minimise the liabilty to the Liquidated Company.

now

billybraggtastic wrote: »

The guy only left his name and number on a scrap of paper but said he had been sent by the Finance Co (and he did have paperwork from them concerning the vehicle).

The vehicle was to retained by the driver until uplift - so should be at that individual's address. Problem is it is nearly 2yrs since the IP told the driver to take it home and many things could have happened since then.

I had been visited by another agent of the Finance Co in January, and had given him the details of the IP and told him what I knew. I phoned him yesterday and he recalled the 'job' and that he had spoken to the driver who advised him that, while he didn't keep the van at his address but at that of another employee of my company, the van had been uplifted in Sept 09. This agent had informed the Finance Co and advised that they should carry out a search for the registered keeper if they wanted to pursue further, and left it at that.

So I now have an agent at my door looking for a vehicle that may have been already uplifted, advising me that I will be liable for alsorts!

My main issue is with the IP and what I regard as a derliction of his duties - he should know where the assets of the Company are - stored, maintained & insured against loss. This is obviously not the case.

Have you got a copy of the final report to the creditors? That should state what happened to all the assets of the company and include details of monies collected and any dividends shared out. Our company has just been wound up, we had vans on finance, the finance company reposed the vehicles and sold them at auction, this is all stated in the final report. They were sold at a shortfall (bit silly really because an ex employee want to purchase one of them, offered a fair rice but was turned down) Did you go BR? if you did and stood PG then any short fall would be included in your BR. We were PG on the finance and our OR told us to make sure we included them in our SOA so as they could not come back after x amount of years. Take a look at your final report and seek legal advice if they have done things wrong. Good luck

billybraggtastic

I haven't gone bankrupt (in a Debt Arrangement Scheme and as this debt has not yet crystalised it's not included) and unfortunately the PG will come back to me. Not sure if they are the point of a Final Report yet - still collecting money from our Debtors.