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Do you have a personal guarantee at all please?
what do you mean by a personal guarantee - a reference?
No, did the director personally guarantee the loan?
The loans were guaranteed under the company name which was ltd
Ok - do you have anything in writing?
yes a terms of agreement stating amount and the interest repayments. No interest payments were made, after 4 years of management it became apparent that the director was not a business person and we asked them to remove themselves from the day to day management so the business could be resolved. They refused. Set up another ltd company
Doing the same thing?
yes. they have changed the name of the company by one word and we understand have transferred money out already of the account. The landlord has issued a new short term lease, presumably in the name of the new company. We are meeting him tomorrow.
Potentially you have a claim against the Director for breach of duty.
If you have loaned the money, he is doing the same thing, with the same or similar name and from the same premises clearly there is a claim here
It is almost fraud which would be a criminal offence.
So potentially you have a claim against the Director
What about the landlord does he have any responsibility
You have no contract with the Landlord.
Your contract is with the Company and therefore by implication the Director.
Can I clarify anything for you about this today please?
How would you go about making a claim against the director
Ideally you would need to consult a Solicitor to draft a letter and set out your position
Then you would need to complete form N!
And the matter would be listed at Court.
So you can be a director of a insolvent company and set up a new one in an instant with no issue. By making a claim against the director would we be able to strike them off as being a director going forward?
If its insolvent then it should not be trading.
It would be a matter for Companies House and the Official Receiver whether proceedings are brought to strike then off as a Director.
Am I able to discuss this with my husband and ask any more questions later?
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ok do I need to pay again?
am just wondering as a shareholder of the company does the landlord still have no obligation to the shareholders?
Landlord - no
Does that clarify?
yes I think it does. Not great really.
I am sorry its not better news and certainly not the answer I want to give you, but I have a duty to be honest
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HI Alex - just one last question. If the director of this company has not formally appointed an administrator yet and the company is not in administration then has the landlord acted rashly by taking up a new lease?