How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Max Lowry Your Own Question
Max Lowry
Max Lowry, Advocate
Category: Bankruptcy Law
Satisfied Customers: 80
Experience:  LLB, 10 years post qualification experience
51031577
Type Your Bankruptcy Law Question Here...
Max Lowry is online now

I have give a director loan to company, I came out of the

Customer Question

I have give a director loan to company, I came out of the company and company signed the director agreement to pay me back with specified terms, I am not in company any more and this has been signed on the same day that I came out of company. company now
saying they wont pay money as they don't have any money , I want to know, can I take the company to court and enforce them to pay me regarding the agreement they signed ? can this court order finish with getting warrant if they wont pay ? as I am out of company
now would I count as normal third party debtor ? I know company has asset to pay if court order them I have called the accountant of company , she is chartered accountant , she said because it was director loan , you need wait and you are on the bottom of
pile of debtor if any , then if company make profit you will get your money otherwise you can not get your money , she mentioned new directors can not take money unless they pay you first, but if they wont take money and company does not have any money to
pay you, you can not do anything and just need to wait as this was director loan . having said that the director loan has been signed on the day of I resigned from the company where I transfered my share to new director and new share holder but in the minutes
of meeting we mentioned that new director are aware of this loan and its terms . so can you please advise if I can take the company to court not as x director calming director loan , but as third party debtor. please note the title of loan mentioned "director
loan", however there is no terms that specified I have to wait till company making profit , its just simple director loan agreements and payments terms
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you with this.
What is the value please?
Customer: replied 1 year ago.
Alex W please do not respond to this question
Expert:  Nicola-mod replied 1 year ago.
Hello,
It seems the professional has left this conversation. This happens occasionally, and it's usually because the professional thinks that someone else might be a better match for your question. I've been working hard to find a new professional to assist you with your question, but sometimes finding the right professional can take a little longer than expected.
I wonder whether you're OK with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Nicola
Customer: replied 1 year ago.
Hi
Im still waiting
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 1 year ago.
Hello,
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Nicola
Customer: replied 1 year ago.
No please close it and cancel my membership