Travis perkins personal guarantee

[bob1979]

Hi, im after some advise if anyone can help 

 

I set up a limited company in 2014 with another person, 

early 2018 i resigned from the company and sold my shares to the other director,

a contract was signed by both of us and in the contract there is a clause saying that the named director will remove me from any personal guaranees that i might have given,

 

according  to travis perkins  he other director hasnt removed me from any perosnal guarantee ,and im not in contact with the other director   

 

The company went in to admistratation november 2019, 

january i received a letter before action from travis demanding that had to pay nearly 25k on a personal guarantee,

 

nearly 5 months now i have spent quite a bit of money solicitor fees but travis are not going away and very aggresive,

have shown them the contract signed by both of us and also from companies house i was removed on the date i resign 

[BankFodder]

A quick informal review here is that this should have been organised with Travis Perkins – who probably wouldn't have agreed. I'm afraid that your action will be against the other director – was the agreement with the other director personally or was it with the company. If the agreement was with the company then I would expect that you are probably in trouble if the company has gone into liquidation.

Even if the agreement was with the other director personally, it may well be that Travis Perkins has got a good claim against you and you will have to mount your own claim against the other director. If the other director has no assets then you may will find yourself rather isolated

Without a lot more information, I'm sorry to say that it doesn't sound as if the transfer of your guarantee was handled particularly well. Did you take advice on it?

[dx100uk]

 

they won't let you go no.

 

so at what stage are you.

have they issued a letter of claim?
have they supplied a copy of the signed PG?

 

that's their usual failing.

 

when was the last usage, do you know?

 

 

[dx100uk]

it's worthy to note out of all the threads here only one was ever defended - resulted in a CCJ and that was because the OP screwed up upon defending the court claim without coming here 1st for advice.

the rest are all backdoor CCJ's using an old address when you signed the PG.

 

so ensure you inform TP of your correct and current address in writing if you don't do anything else

 

out of all the other threads here, they go nowhere.

 

dx