Company Vehicle

congellous

Hi I wonder if anyone can help, I have a ltd company that I am the sole director of that is in debt with various organisations including the banks. After the first barrage of recovery agencies and bailiffs it all went quiet and I ended up having to move house ending the trail. I have since been struggling to get the business afloat and it doesn't seem to be possible. I am now starting the task of wrapping it all up, however, I had a new vehicle on buisness finance which has not been paid for for 18 months and have not been pursued at my company secretary registered address. I am worried of opening a can of worms by approaching everyone and wonder weather to just sit tight and wait for them to approach me on the issues as one my creditors will surely file for my company bankruptcy. Is this illegal ?

tigerfeet2006

Your best is to get in touch with Business Debtline and go through your options with them. Link and no. in my sig.

Tiddlywinks

Are you the registered keeper of the vehicle? Where (address) is the vehicle registered? Which address is on your driving license?

If registered to your current address then the finance company will find you soon enough.... if registered to a previous address then you'd better hope you don't get stopped for speeding etc as you docs will be out of date so you'll get fined for each offence.

You need to formally wind up the business and, as the previous poster suggested, I'd advise getting professional advice for that.

congellous

Its registered at my company secretary's address, I think the debt has been sold to some third party and they only have the address on file. Also with the large number of the vehicles being for the building trade I think they have been snowed under with prepossessions. It is quite legally on the road. I have been burying my head in the sand for so long that It's become normal, and the least of my worries really.

Worcsman

congellous wrote: »

Its registered at my company secretary's address, I think the debt has been sold to some third party and they only have the address on file. Also with the large number of the vehicles being for the building trade I think they have been snowed under with prepossessions. It is quite legally on the road. I have been burying my head in the sand for so long that It's become normal, and the least of my worries really.

You got a free motor! I would just keep hold of it until they come and prise the keys from you fingers. I've no idea on the legality of that suggestion btw. Wish I had a free motor, instead of the nail I had to buy pre-bankruptcy, needed to keep below the 2k guideline.

the_bright_side

I had a similar situation with my leased car via a LTD. company. Eventually they came and got it and then sent me a bill for the terminated agreement amount only, not the 6 montsh of non payment.