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Ash
Ash, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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We have just employed a contractor whos' former company has

Customer Question

We have just employed a contractor whos' former company has gone into liquidation his Van previously owned by the former company for which he signed a personal guarantee with the finance house is currently in his possession. .1.) He wants to purchase the van and the liquidator has said he should talk directly with the HP company however should the liquidator first release possession of the vehicle to him first?2.) The Van is worth less than the outstanding finance (Van value £1500.00 outstanding balance on finance £3,200.00) is it better to make a liquidator an offer for the vehicle as full and final settlement with the proviso that the personal guarantee is also settled i.e. let the liquidator negotiate with the finance house ?
3.) Or should he contact the finance house to make a separate agreement , he wants to make a reduced offer as full and final settlement
4.) The contractor has a number of other personal liabilities arising from the liquidation so his credit rating is not the issue however he needs the van to continue to earn a living
A.) how can he best negotiate a settlement for the vehicle as a one off payment which a relative will loan him the monies to achieve.?
Submitted: 10 months ago.
Category: Bankruptcy Law
Expert:  Nicola-mod replied 10 months ago.
Hello,
I've been working hard to find a 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 10 months ago.
Please continue your search
Expert:  Nicola-mod replied 10 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Nicola-mod replied 10 months 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
Expert:  Nicola-mod replied 10 months ago.
Hello,
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Nicola
Customer: replied 10 months ago.
I can't understand why you can't find a person to answer some of the questions posed :-1.) He wants to purchase the van and the liquidator has said he should talk directly with the HP company however should the liquidator first release possession of the vehicle to him first?A.) This question is one of procedure , should the liquidator release the vehicle officially to his possession before he negotiates with the finance house , which should be relatively easy to answer?2.) N.B. The Van is worth less than the outstanding finance (Van value £1500.00 outstanding balance on finance £3,200.00)A.) Can the liquidator offer the finance house a full and final settlement on the vehicle ?
B.) Even if the liquidator makes a small profit on the agreed transaction which would aid the companies secured/unsecured creditors in any final dividend ?3.) Or should he contact the finance house to make a separate agreement , he wants to make a reduced offer as full and final settlement
4.) The contractor has a number of other personal liabilities arising from the liquidation so his credit rating is not the issue however he needs the van to continue to earn a living
A.) how can he best negotiate a settlement for the vehicle as a one off payment which a relative will loan him the monies to achieve.?We would be grateful if you would continue to look for some expert help answering these questions.
Thank you
Expert:  Nicola-mod replied 10 months ago.
Hello,
We will continue to look for a Professional to assist you.
Thank you for your patience,
Nicola
Expert:  Ash replied 10 months ago.

Hello my name is ***** ***** I will help you.

1) Yes. He has no legal interest in the van, it belongs to the HP company

2) The liquidator can't release from the HP, that is only the finance company. Therefore he is better negotiating direct as any shortfall can be claimed otherwise.

3) Finance company as suggested above.

4) It's simply a matter of negotiation. The finance company can either say no, they want the full outstanding balance or may accept a reduced settlement.

Can I clairfy anything for you?

Customer: replied 10 months ago.
Thank you this clarifies the situation

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