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 Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

My friend is currently a Director of a company, but his brother,

Customer Question

My friend is currently a Director of a company, but his brother, the other director has taken out a CCJ for money owed to the company by him from years gone by, and has now successfully had a charge made against his 1 share (they each have 1 share in the business). His is now going to force him to sell the share for a nominal amount of money. He has accepted that he will be forced to give up his part of the company, but the business sits on land that is owned by the two of them. The land is held in charge against the business. Will he potentially lose the land (worth a considerable amount of money) if he is no longer involved in the company?
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.

Alex Watts : Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Alex Watts : Did he defend the claim and how much was it for please?
JACUSTOMER-mshgoe8j- :

I know a little and probably should have tackled this when he is around. He has a CCJ for in the region of £38k. My understanding is that his brother also asked for several thousand pounds of costs to be added to this debt but this was denied. When the charge on the share went to court a couple of months ago he had tried to get it deferred, by filing some sort of form but this did not happen and the hearing went ahead. He had no legal representative as he could not afford it athough he had been to CBA and sent to a solicitor who was unable to help. Everyone he has talked to think he should not be owing the money let alone losing his share in the company. He did go a bit mad and take money out of the company when his father dies a few years back, but has not taken anything from the company at all since. His brother has obviously instructed solicitors and know exactly where he is going with this. I think he is resolved to losing his share of the business as he has not fought at the correct times with solicitors, but when talking about this last night I asked if he was sure if the land that is jointly owned by them, but (I think) has a charge against it to do with the business, could also be taken by his brother through the action that he has taken. His brother told him some time ago that he just wanted to break him, leave him bankrupt, etc etc. He has not asked for money from the business for several years and as a Director could have asked. He has, I think correctly said, that the money that he might of made could of gone some way to paying off what is perceived as his debt, although as a Director was he not entitled to take money from his company? Anyhow, the land is the biggest concern really. It is a chunk of land in the Surrey countryside and probably has a high value. Sorry to ramble.....

Alex Watts :

I understand about the stress so please go ahead.

Alex Watts :

However you need to put aside any rights or wrongs about the original CCJ it is now too late to do anything about that.

Alex Watts :

Even if there is a valid case then you can not wait more than 60 days before applying to set it aside - so draw a line and lets say we are where we are.

Alex Watts :

Do you have a valuation of the business please?

JACUSTOMER-mshgoe8j- :

Sorry this is my work email and your email was caught up in our spam. I need to check with Rupert the valuation of the business and he is now at work. Can i come back to you at the weekend or even Monday?

Alex Watts : Sure. Have a good weekend,

Related Law Questions