Loan from ex father-in-law

paddyrg

Hand him back what's left of the business?

Sinhanada

manfromuncles wrote: »

Quick clarification for you. The loan was a personal loan not loaned to the business. Otherwise we would have done as suggested and thrown him into the creditors pot as suggested.

In fact, the father-in-law was the original business owner and loaned us the money to help buy the business from him. It was all very complicated but essentially without his help we would not have been in a position to buy the company from him. He wanted to sell the company but also wanted to keep it as a 'family' business so to speak.

The wording of the original loan was something along the lines of "We agree to pay (name) a sum of £1000 per month for a total of 120 months signed (my name and ex-wife's name). Very simple with 3 signatures. There were no terms and conditions or anything like that.

Do you still have a copy of the agreement? Either way this should not matter as if he does initiate court proceedings against you he will have to prove that his daughter has repaid her half of the debt. This providing of course he still has the original agreement - otherwise it will be his word against yours

StuC75

That sounds soo murky a situation, how quickly did the business go under after he sold it to you?

When he gave the money to you, did you give it back to him? If so what is he actually out by here?

Is the 25k left just your 'share' or the 'total' amount..

If he hadn't sold the business to you, then you wouldn't be in this debt now...

manfromuncles wrote: »

Quick clarification for you. The loan was a personal loan not loaned to the business. Otherwise we would have done as suggested and thrown him into the creditors pot as suggested.

In fact, the father-in-law was the original business owner and loaned us the money to help buy the business from him. It was all very complicated but essentially without his help we would not have been in a position to buy the company from him. He wanted to sell the company but also wanted to keep it as a 'family' business so to speak.

The wording of the original loan was something along the lines of "We agree to pay (name) a sum of £1000 per month for a total of 120 months signed (my name and ex-wife's name). Very simple with 3 signatures. There were no terms and conditions or anything like that.