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Loan to company being liquidated
nrsql
Posts: 1,919 Forumite
Not sure where to post this but I'm sure some members will have advice.
I made a couple of loans to a company - one in 2009 one a few months ago.
Shortly after the second loan the company was put into administration due to non-payment of tax/NI. I didn't know this was going to happen when I made the loan of course.
I understand that the company has now been sold and should have considerable assetts due to the property invloved.
Will the loans automatically be paid off or do I need to do something. I am a bit surprised not to have heard from the administrators. I know from the previous accountantsthat the first loan was recorded in the accounts but not the second.
Also the loans were from my company rather than from me personally.
Also I am a 30% shareholder in the company (but have never had anything to do with running it - family business). I am again a bit surprised not to be contacted but will that happen automatically - I assume I am due 30% of any value?
I made a couple of loans to a company - one in 2009 one a few months ago.
Shortly after the second loan the company was put into administration due to non-payment of tax/NI. I didn't know this was going to happen when I made the loan of course.
I understand that the company has now been sold and should have considerable assetts due to the property invloved.
Will the loans automatically be paid off or do I need to do something. I am a bit surprised not to have heard from the administrators. I know from the previous accountantsthat the first loan was recorded in the accounts but not the second.
Also the loans were from my company rather than from me personally.
Also I am a 30% shareholder in the company (but have never had anything to do with running it - family business). I am again a bit surprised not to be contacted but will that happen automatically - I assume I am due 30% of any value?
0
Comments
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Don't wait.
Make contact.0 -
Free/impartial debt advice: National Debtline | StepChange Debt Charity | Find your local CAB
IVA & fee charging DMP companies: Profits from misery, motivated ONLY by greed0 -
As above you need to be contacting the administrators straight awayHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thanks.
I've contacted them but suspect it might be too late.
One of the lans is definitely in the accounts so I assume that would be paid?
I'm a bit surprised that as a shareholder I haven't been contacted.
It says that known creditors will be contacted within 12 weeks of the court order. Looking at the London Gazette this was in July.
Apparently the sale of the company went through at the end of last month.0
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