Company in receivership owes a debt for trespass and nuisance...

factfinding8888

Thank you for all the help!

The director of the companies, Roderick Barry Thorner, is a multi-millionaire. He owns swathes of property, industrial estates and mining land all around Somerset. Plus, one of the companies was his Dad's which opened in 1920's...so I hoping he doesn't want to the son that sank the ship.

It's not that he's has no money, it's that he doesn't use his money to do business. He'd rather risk someone else's. 

MyRealNameToo

factfinding8888 said:

Thank you for all the help!

The director of the companies, Roderick Barry Thorner, is a multi-millionaire. He owns swathes of property, industrial estates and mining land all around Somerset. Plus, one of the companies was his Dad's which opened in 1920's...so I hoping he doesn't want to the son that sank the ship.

It's not that he's has no money, it's that he doesn't use his money to do business. He'd rather risk someone else's. 

But your legal action isnt against him but the companies and as they are LTDs his liability is limited to the nominal value of the shareholding which may or may not already be paid up. 

Neither company as a whole is in receivership but receivers have been appointed in relation to specific charges, namely mortgages. 

molerat

factfinding8888 said:

Thank you for all the help!

............ He owns His Ltd companies have swathes of mortgaged property, industrial estates and mining land all around Somerset. ............

Corrected that for you.

So have you found the actual owner and mortgage status of next door ?

If you are going to push this surely the best method would be going to the high court and enforce the CCJ against other assets the company owns - plant & machinery, office equipment, vehicles etc ?

But the problem is these companies are very clever, they actually have very few tangible assets, the sole director milks every penny they legally can with assets equalling the debts pledged against them.   Looking at some of the previous actions the asset was exactly equal to the debt plus the costs and fees of the insolvency action.

factfinding8888

molerat said:

factfinding8888 said:

Thank you for all the help!

............ He owns His Ltd companies have swathes of mortgaged property, industrial estates and mining land all around Somerset. ............

Corrected that for you.

So have you found the actual owner and mortgage status of next door ?

If you are going to push this surely the best method would be going to the high court and enforce the CCJ against other assets the company owns - plant & machinery, office equipment, vehicles etc ?

But the problem is these companies are very clever, they actually have very few tangible assets, the sole director milks every penny they legally can with assets equalling the debts pledged against them.   Looking at some of the previous actions the asset was exactly equal to the debt plus the costs and fees of the insolvency action.

So the owner of the property next-door, which is attached to mine is Magnolia Property Developments Limited. 

I've started enforcement action against them. The first response was - we're not paying and we are going to get the CCJ set aside. 

I have actioned a visit from the bailiffs to the work place to look for assets.

The CCJ against Magnolia Property Developments Limited was granted by default at the beginning of July.

I'm unsure who the mortgage is with.

factfinding8888

MyRealNameToo said:

factfinding8888 said:

Thank you for all the help!

The director of the companies, Roderick Barry Thorner, is a multi-millionaire. He owns swathes of property, industrial estates and mining land all around Somerset. Plus, one of the companies was his Dad's which opened in 1920's...so I hoping he doesn't want to the son that sank the ship.

It's not that he's has no money, it's that he doesn't use his money to do business. He'd rather risk someone else's. 

But your legal action isnt against him but the companies and as they are LTDs his liability is limited to the nominal value of the shareholding which may or may not already be paid up. 

Neither company as a whole is in receivership but receivers have been appointed in relation to specific charges, namely mortgages. 

Treat me like an idiot. What is the difference between receiver action and receivership?

ExEstateAgent

WIAWSNB said:

I say, power to ff8888's elbow.
The company will have some assets, so it comes down to how much, and what the other claims are.
He's gone this far - good on him - and is now asking the basic Q, "is it too late to apply it to the assets?".
And, would placing a charge on the property be a potentially good move to reinforce this?
He unfortunately hasn't had answers to these, presumably 'cos folk don't know.
He has the ccj, so as far as I know (which is not far at all), that is the sort of judgement required to subsequently place a charge.
No-one can answer his Q?
There is an understandable assumption by folk on here that he hasn't a chance; when a company goes into liquidation, that means they're skint, and the few assets will be picked upon by large fish. But that's surely just assumption? 
A 'charge' on an asset like a building, if it's doable here, will surely need to be considered in the asset splitting process?

If a secured creditor has started the receivership process then it is highly unlikely that the companies will survive. The receiver is acting for the secured creditor/s and any funds recovered by selling assets they have a charge over, will be used to pay the receivers, the tax man and the secured creditor/s. 

Sometimes after all of that there is some money left to pay to unsecured creditors but it's usually pennies in the pound. 

The fact that the OP has a CCJ doesn't put them in any better position (other than having proof of debt). 

factfinding8888

Thanks for all the help everyone. It sounds like it's highly unlikely that I'm going to get any money back I've spent fighting these people.

What do you think of the following idea - get a no win no fee insolvency practitioner to 'wind up' the companies?

There is previous records on these companies and others run by these people that have paid when threatened with ,winding up'. Just an idea.

noitsnotme

factfinding8888 said:

What do you think of the following idea - get a no win no fee insolvency practitioner to 'wind up' the companies?

Isn’t that what’s already being done as part of the receivership process?

factfinding8888

noitsnotme said:

factfinding8888 said:

What do you think of the following idea - get a no win no fee insolvency practitioner to 'wind up' the companies?

Isn’t that what’s already being done as part of the receivership process?

In a way, however, there is still work being done on the sites. They've built 4 houses and a block of flats in 3 years but have another 45 houses to build. I assume they are hoping they sell the completed houses to start to pay off the debt they owe.

user1977

Even if winding up were a possibility, why do you think it would help you? There's nothing you can do to put yourself further ahead of other creditors.