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Big Debt...could last a lifetime.

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  • The_Hunter
    The_Hunter Posts: 21 Forumite
    Tenth Anniversary Combo Breaker
    Thanks, I have posted a few questions on the Bankruptcy board.

    I was looking at the "we buy any house" type people, then pay off the mortgage and give the house to my wife....basically so I have no assets.
  • The_Hunter wrote: »
    So if I understand correctly the commercial rather than the bank guarantee is the immediate problem?
    Yes, it's the commercial one - I can handle the bank one.


    And is this the one your brother witnessed or the solicitor? (if solicitor was it yours or theirs)?
    Yes, it was witnessed by my brother (who is registered blind)

    Can I ask what the amount is, and the basis (was it a money loan, or goods/services)?
    There is no maximum liability on this one, the bank one has a max liability, the amount they are after is a lot (150k+) and it was for goods.

    What state was the company in when you signed the guarantee? (were you under duress to pay wages or angry creditors etc.)?
    The company was growing, we grew from 200k turnover in the first year to £2m by year 3, I was under duress to get stock to fulfill orders.

    Sorry to ask dumb questions but I think I have discovered that possibly PGs can be harder to enforce than to defend
    No problem, I have the court papers arrived today and I was thinking of going back to them and ask them for 30 days to reply instead of 14

    Hi Hunter,

    While blind person witnessing a document seems questionable - I wouldn't feel right about offering my advice as the amounts involved are in a different league to anything I have experience with.

    Good luck with everything
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