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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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A person invested money with me in a business venture and I

Resolved Question:

A person invested money with me in a business venture and I lost the money. Am I liable to pay the person back the money? He wants the money back, but I am not sure if u can afford to repay him.
Submitted: 3 years ago.
Category: Law
Expert:  Ash replied 3 years ago.
Hello my name is XXXXX XXXXX 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, but rest assured I will be giving your question my immediate attention upon return You do not need to wait here as you will get an email when I reply.

Was it a limited company and did you give a personal guarantee please?

Customer: replied 3 years ago.
It was done through me personally, not through the company.
Customer: replied 3 years ago.
It was a speculative investment, trading financial markets.
Expert:  Ash replied 3 years ago.
Did you sign a personal guarantee?

Customer: replied 3 years ago.
We had a contract, but I did not personally guarantee the capital. By this you mean similar to a loan, where one would personally guarantee the capital?
Expert:  Ash replied 3 years ago.
What does it say about losses and whether you make any guarantee?

Customer: replied 3 years ago.
Nothing. It says "f) The Trader hereby acknowledges receipt of the Investor’s Capital Investment and agrees to perform his duties under this Agreement with reasonable care and due diligence.
"
Customer: replied 3 years ago.
And that I agree to invest the money at my discretion.
Expert:  Ash replied 3 years ago.
Then no you are not liable based on the contract and that you did not give a personal guarantee.

Can I clarify anything for you about this today please?

Alex

Ash and other Law Specialists are ready to help you