Please help! Husband left with my business- what can i do?

doggydogdog

Hi all.
In a nutshell, my husband walked out 2 months ago taking the mobile business i created. He has now put it in his name as a ltd company and taken all of the equiptment without letting me know.
The majority of it was purchased in my name as i got a loan to buy a lot of it and a lot of it all went on my cards so i have proof of purchase that i bought them.

I am now left with 35k of debt and considering going bankrupt - which he said was 'irrelevant'..! (nice!)

He has said he will do a 50/50 split on assets but i really dont believe he will. He has offered a small monthly payment that i know i will never get as he has recently taken on rent that means he will not have the spare money every month. Plus he wanted to pay it over 6 years interest free. There is no way i would get that money!

So i have to let him have half the stuff i bought in my name yet i have to take on all the debt?! Is this really right??


He won't take my calls and rarely replies to my texts. he is acting as if it is him that has been wronged!
(i kept hold of my full time job luckily so i do still have an income but not enough to pay the debts)

studentnomore

Can you get a solicitor, I'm sure he'll be able to find him. If you have proofs that the business is yours, sue him. Going bankrupt is an option that you have to make sure it's right for you.

FBaby

Did he take the equipment or the business? Was the business registered? If so under your name only or both? Was the credit card/loan you used to buy the equipment under your name or that of the business?

Is the issue only the equipment or more, ie. did he take clients contact too? Were you involved with the running of the business or just the creation of it?

LannieDuck

You need to take proper advise on division of assets during divorce, especially with a business to consider.

I agree with FBaby - without knowing more about the particulars of the business, it's difficult to advise. Was it in your sole name? How did he manage to take all the equipment without you knowing? (Is it a lot of equipment, or just a laptop?) How could he take your name off the business without your consent? That would normally require him to buy you out.

The debt depends on who's name it's in. If it's on joint cards, then it's shared debt. If it's on credit cards in your name only, I'm afraid you may have to take it on yourself.

doggydogdog

FBaby wrote: »

Did he take the equipment or the business? Was the business registered? If so under your name only or both? Was the credit card/loan you used to buy the equipment under your name or that of the business?

Is the issue only the equipment or more, ie. did he take clients contact too? Were you involved with the running of the business or just the creation of it?

He took both. I created the business as a sole trader but he has now registered it as a ltd co in his own name.
All the cards and finance are in my name.
The loan was arranged as a personal loan but against my business plan. So it is in my name but then also has teh company name underneath.

He is continuing running events that i set up.
I created it and helped run it although i did have to step down a little over the summer as i had to go back to full time work to keep us afloat financially.

doggydogdog

LannieDuck wrote: »

You need to take proper advise on division of assets during divorce, especially with a business to consider.

I agree with FBaby - without knowing more about the particulars of the business, it's difficult to advise. Was it in your sole name? How did he manage to take all the equipment without you knowing? (Is it a lot of equipment, or just a laptop?) How could he take your name off the business without your consent? That would normally require him to buy you out.

The debt depends on who's name it's in. If it's on joint cards, then it's shared debt. If it's on credit cards in your name only, I'm afraid you may have to take it on yourself.

No it was catering equipment. He sent his 2 mates to go and clear it from the garage despite seeing me the night before and not mentioning anything about moving it.

he put it as a ltd company in his name only.

fabforty

doggydogdog wrote: »

Hi all.
In a nutshell, my husband walked out 2 months ago taking the mobile business i created. He has now put it in his name as a ltd company and taken all of the equiptment without letting me know.
The majority of it was purchased in my name as i got a loan to buy a lot of it and a lot of it all went on my cards so i have proof of purchase that i bought them.

I am now left with 35k of debt and considering going bankrupt - which he said was 'irrelevant'..! (nice!)

He has said he will do a 50/50 split on assets but i really dont believe he will. He has offered a small monthly payment that i know i will never get as he has recently taken on rent that means he will not have the spare money every month. Plus he wanted to pay it over 6 years interest free. There is no way i would get that money!

So i have to let him have half the stuff i bought in my name yet i have to take on all the debt?! Is this really right??


He won't take my calls and rarely replies to my texts. he is acting as if it is him that has been wronged!
(i kept hold of my full time job luckily so i do still have an income but not enough to pay the debts)

You need proper legal advice - don't waste time on here (that came out wrong, but you know what I mean), there is too much at stake. Good luck.

LannieDuck

fabforty wrote: »

You need proper legal advice - don't waste time on here (that came out wrong, but you know what I mean), there is too much at stake. Good luck.

Agreed. No idea how he's managed to change a business you registered as a sole trader into a ltd company in his name, but you need to see a lawyer asap. And probably sue for the return of your equipment.

doggydogdog

I know - no offence taken! I was hoping someone may have had similar situation or have some legal knowledge.
I have been to see someone for my free half hour but they have said that that part might have to go to litigation to sue him and it would cost me more than i would get.

I didnt want to spend money that i havent got on legal advice just to ask if i have bought all the stuff, why does he get to have half but i have all of the debt still to pay on them. they will milk me for a good hour and i thought someone might know.

doggydogdog

oh i see! The sole trader business was just under my own name as the guyi spoke to said there was no point in changing it as i could call it anything. trading as.. God if only i knew that would have made a difference!!! Very angry with myself now!

sassyblue

doggydogdog wrote: »

No it was catering equipment. He sent his 2 mates to go and clear it from the garage despite seeing me the night before and not mentioning anything about moving it.

he put it as a ltd company in his name only.

So he's stolen your company assets and 'goodwill' as he's doing events you were booked for.

You need to see a solicitor very quickly - and also the police regards the stolen equipment.