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Business creditor threatening to reposses my house


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We had a limited Company and have had to stop trading as landlady didn't renew lease after 13 years. all our income stopped and the Company owes money to the dutch flower supplier. i thought we were safe as we were a limited company but in their extremely extremely small print it states that any debt is personally guaranteed for the limited company. they want to reposses my house - i have 2 small children and my husband has had a kidney transplant - help!! we are seeking legal advice but interested to see if this small print would stand up in court. we were bot served with a statutory demand last night. they said they had to serve it to both of us even though i've never even spent one penny with this flower supplier. any advice very gratefully received....... we have known the guy for 20 years and the bailiffs just keep telling us that they will force the sale of our house.

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If you have small children they will not be able to force the sale of your home. Who are the bailiffs?

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No way. The debt will will just end up as a charge on your property in the long run. There is nothing these people can do to make you sell, unless you decide to go bankrupt.

 

Thanks for the reply. Our business isn't even registered at our home plus all invoices that are being chased are in our ltd business name but they served papers on me and my husband separately and personally. Our accountant is checking but is pretty sure that to personally guarantee something u have to sign paperwork agreeing to it. They want to make us personally bankrupt in 18 days, but again the debt is with the ltd company. We shall see :-(

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If they have served a statutory demand you will have to get it set aside - how much is the debt?

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My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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