Statutory demand for payment, Debt for liquidated sum payable immediately

[palomino]

My MD and office junior signed, junior hasnt had any letters.

 

In what capacity did the office junior sign?? I suspect that signature is meaningless.

 

Has your MD received the same or similar letters as your self? It would seem that he is the one who is culpable.

 

As I said earlier you need to get a proper legal opinion about your liability in view of your resignation as a director and employee of the company.

[spex357]

Hi Palomino

Yes juniors signature hasnt brought him any action, the MD had a visit from the agents 15 mins after myself where they told him they would return in 21 days to serve court papers. He is still looking through rose tinted Psuedo Christian spectacles. I am still looking for a good commercial lawyer to speak too. I had a reply yesterday saying speak to an insolvency practicioner immediately and couldnt make my mind up if he was recommending i go bankrupt myself before the TP one cuts in. Its just a shame with not being paid for over 3 months now apart from JSA i find the cost to expensive to do it on my own. Thats if it was what he was recommending.

[palomino]

I take your point about funds being available. Makes life very difficult indeed.

 

Insolvency practitioners are good for many things (principally collecting their own fees) and a good one can be very helpful. But I'm not convinced of their ability to help in cases like this as their priority seems to be managing your debts rather than managing any disputes or legal difficulties such as yours.

[surfaceagentx20]

A contract of guarantee is a fairly unwordy beast. It is no more than a contract in writing saying that in consideration of A contracting with B, C (the guarantor) will answer for the debts B owes to A, which C then signs.

 

In the absence of fraud, misrepresentation or duress, I would expect the guarantee to be binding on you. Assuming there is none of this, the question then is, is the amount claimed fully recoverable under the guarantee or might the liability be a lesser sum?

 

Some initial thoughts:

 

1 Does the debt include any claims for interest and charges under The Late Payment of Commercial Debts (Interest) Act 1998? If so, are these sums authorised under the Act?

 

2 Has the credit limit ever been increased since when you signed as guarantor and if so in what circumstances? At your request, the company's request or at TP's option? There may and I stress the word may, be grounds for objecting to responsibility for any sum claimed in excess of any credit limit you were unaware of or could not be treated as having authorised.

 

3 Have you ever sought to revoke the guarantee and if so when, by what means and what was the account balance owing at the time you sought to revoke?

 

4 What was the liability of the company to TP at the time you resigned as a director and did you notify TP that you [1] had resigned and [2] revoked your guarantee?

 

5 Is there any possibility of you and your co-guarantors coming to terms together and discharging the undisputed part of the debt?

 

x20

[spex357]

Hi Palamino

Yes i need a full on Commercial Breif on my side, i see wigs, dandruff and much stress coming, i still havent found one, and dont know one, i did have trouble with my solicitors when i mentioned my company when speaking to them on the phone, but am still wondering if the company has any hold on the connection or i can reclaim the connection as mine as it originaly was. No money changed hands from the company to the solicitor where has i have used them for myself three time previous. I may go for my free 15 mins if that is still available, my solicitors are quite big and have a commercial side. It seems beyond my current float of staff at the local CAB where the old hag stared at me over her half moon specs and could only offer the advice to let them bankrupt me.

[spex357]

Surfaceagentx20

TP are are aware of the current situation after speaking direct to my MD by phone. I am thinking no need to blog about it any more, i need to get have word with a commercial lawyer, urgent.

[palomino]

Spex, surfaceagentx20 is a lawyer although I don't know his area of expertise. His comments are trying to be helpful so don't disappear just yet!

[spex357]

Hi Surfaceagent

Thankfully i think TP refused to increase the level at some earlier stage. I am not sure on when TP spoke to my MD but i am pretty sure it was within a few days of our finish day and the balance seems about right. One thing that keeps popping up is i didnt resign my MD did it without my knowledge which at the time made me get up and legg it home, thankfull somewhat stage one was over, now for stage two. Looking back i should have stayed a while.

I did have a return email from my solicitors last night asking for some details so i hope today i get some response.

[spex357]

Hi All

Well the weekend is apon us and seeing as i am wishing this along i would have liked a reply from the solicitors by now but no. Myself and the MD are in the same boat, no assets apart from he has a lovely girlfriend and two lovely daughters. TP are well aware of this as well as the agents who came to the door. My office junior sent me a print screen of the factoring account yesterday, and that doesnt look good either.

[toddle2u]

Spex - If you write to TP Legal Department asking for a copy of the Agreement they will send you it. You then need to establish who else signed it. If it was just you that signed you are on your own on this one as you have effectively given a PG. I have the seen the TP agreement that they use and it is not a credit agreement but a PG.

 

However, they will take installments and freeze interest on it if you put a reasonable proposal to them.

 

It doesn't matter if you resigned as a Director unless you wrote to TP and informed them of this and stated that you no longer wished to act as Guarantor.

 

Write to them and get a copy of the account opening form