Bulk loan - charge on property

Martin92

Hi, 
I am owed a substantial amount of money from a business, however they are not trading currently. When they are back open, i have been speaking with the client & trying to find a solution where they can get a bulk loan or charge on their property regarding the outstanding money they owe. We are on good terms however of course i want to get the outstanding monies paid.

What is the best solutions on their side? Say approximately £70k outstanding.  

MovingForwards

Sole trader? Partnership? Limited company?

MinuteNoodles

And was the £70k a loan or investment in the business? If it's the latter there's no guarantee of ever seeing it again and very little legal recourse to get it back as the nature of investments is they're a gamble that what you're investing in will do well and pay you back with profit, the downside of that being if it fails you lose your money.

onlyfoolsandparking

Or is the 70k invoice/s for goods/services supplied? I know it says bulk loan and it's in the loan section, more info needed! 

Martin92

There's good/services - invoices not paid...but can he has freeholder of property get a loan out on the building as a charge on it if that makes sense?

onlyfoolsandparking

No it doesn't make a lot of sense, certainly what you have wrote but I'll have a go. Are you asking if the person OR company that owes you 70K for goods/services you have invoiced can take a loan out on a property they own? If yes well answer is yes if they own enough of it to raise capital against it. If your not asking this and your asking can YOU put a charge against the building because THEY own it outright (or have a minimum of 70k equity in it) then answer is 'it's possible' but there would be many actions you would have to take in order to fulfill and gain a charging order, first one being taking them/company to Court and as you say your on 'good terms' with them that's not going to be happening is it? 

Just out of interest, how long have you been in business?