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Jamie-Law
Jamie-Law, Solicitor
Category: Bankruptcy Law
Satisfied Customers: 4641
Experience:  Solicitor
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I have a lead generation company called Paloma Digital and I

Customer Question

Hi,I have a lead generation company called Paloma Digital and I provide leads for financial products to companies via my network of websites.I provided some IVA (individual voluntary arrangement) leads to a company called Promethean Finance from January to April this year. We have a contract in place. Please see attached (note: I have a signed one in PDF, the one attached in the original word doc - for easier reading).Towards the end of April, Promethean started to miss their weekly payments. We contacted them and they said they were struggling to pay the invoices. (They owe us £20,435 to date). So we agreed they could start to pay the invoices off every week at £300 per week, but this was to be reviewed in 4 weeks.4 weeks has now passed. We have contacted them again and they said they can't afford to increase it. I said if that is the case it will take over a year to get the money back, so we are no longer offering payment terms and we need it all repaying immediately.They seem to think as that as we temporarily agreed to £300 per week then this cannot be changed.Just some additional info; they are an FCA regulated company. If they cannot afford to repay their debts then they are effectively insolvent, and if they are insolvent then they are not fit to be a CF1 director and the FCA should revoke their license. Do think you this is correct?I would like to know what my options are legally for getting this money back. Can I use a winding up petition?Thanks in advance.
Dave
Submitted: 2 months ago.
Category: Bankruptcy Law
Expert:  Jamie-Law replied 2 months ago.

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

Do they accept in writing they owe you £20k?

Customer: replied 2 months ago.
Hi Jamie,Yes they have acknowledged the invoices and we discussed the amount, and they have also made payments towards these invoices. One of the discussions was about how long it was going to take to pay off.They have thanked us numerous times for being patient for the payments.
Expert:  Jamie-Law replied 2 months ago.

Ok - yes you can get a winding up order.

You need to complete 2 copies of this form:

http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=16414

Serve one and keep one.

If that Statutory demand is not complied with then you apply to wind up. You need 3 copies of the form below:

http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=16382

You submit these to the County Court.

When you get a Court date you must also post a notice in the Gazette

https://www.thegazette.co.uk/place-notice

Then complete this form with the ad:

http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=16401

And give the court a list of people attending:

http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=16394

Then the Court will wind up.

Can I clarify anything for you about this today please?

Customer: replied 2 months ago.
Hi Jamie,That's great. Thanks for your help, that's all I needed to know.Regards
Dave
Expert:  Jamie-Law replied 2 months ago.

All the best Dave. If I could ask you to rate my answer before you go today, by clicking on the 5 stars or happy face, otherwise the site does not pay me for the time spent with you today. It is also an important part of the online process. Thank you in advance and good luck!

Expert:  Jamie-Law replied 2 months ago.

If this answers your question could I invite you rate my answer 3, 4 or 5 stars before you leave today.

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