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Max Lowry
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Category: Bankruptcy Law
Satisfied Customers: 80
Experience:  LLB, 10 years post qualification experience
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i entered into a 5 year contract for a cleaning firm in march 2011 it was me and a business partner. both of whom signed the contract. the agreement was that we pay £125 a month in management fees. however, in december 2011 due to no money being made our solicitor wrote to the franchisor and requested for the company to diminish as we were not making money.

the franchisor agreed on the basis that we pay £1721 for what we owed until december. this was on the basis of paying £50 a month towards the debt and that if payment was not made then we would need to make payment in full.

i paid for a few months and then stopped. i was not contacted by the franchisor for years. until two months ago i was contacted by a debt company on behalf of the franchisor demanding £17000 in total outstanding costs and including their legal fees. this was emailed to me. i replied by email accepting i would pay my half of the £1721 but not £17000 as i had not been provided with any services from january 2012. also there is another franchise opened in january 2012 so the franchisor has not lost any money because this new franchise has been trading for the last four years.

any way the debt company have now threatend me with a statuory demand and then to start bankruptcy proceedings against me.

i own my home solely but i am thinking to transfer this to my sons name. i also own a limited company. i want to know where i stand in this. i have soicitors letter confirming the cbusiness can be closed in december 2011 and the full and inal settlement is £1721. but what the debt company is saying is that i need to pay for the five years of management fees.

please give me some advice on what you think my chances are.

i look forward to your response.

many thanks


Submitted: 2 years ago.
Category: Bankruptcy Law

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