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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience:  Solicitors 2 years plus PQE
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My ex employer has acknowlegded that he owes me £25000 which

Resolved Question:

My ex employer has acknowlegded that he owes me £25000 which he asked me to loan his company. I am prepared to take £10000 in full and final settlement. But he says he cant afford it and is only prepared to pay me £100 per month this does not even cover the interest.What action can I take.
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,
Thank you for your question and welcome.
My name is ***** ***** I will assist you.
Does the company have any assets?
Kind regards
AJ
Customer: replied 2 years ago.

I has vans printing equipment computers and owns the building the building outright and has a property with son in Scarborough.

Expert:  Alex J. replied 2 years ago.
Hi
Thank you.
If you are un prepared to commence legal proceedings, then your options are limited. I would say your options are as follows:
1. You serve the company with a statutory demand, if they do not pay up within 21 days you can petition for its winding up. You will then receive whatever is in the pot for the creditors;
2. You negotiate and ask the director for a personal guarantee;
3. You ask for a debenture over the company's assets to secure your debt.
You have to be slightly careful because if you push the company too hard and it goes insolvent you may received nothing.
Is the owner of the company open to any negotiation? £100 per month would take 20 years to pay the debt off.
I look forward to hearing from you.
Kind regards
AJ
Customer: replied 2 years ago.

The business has liquidated several times I treat this as a personal debt.

I believe he is a sole trader. So would be looking at his own assets.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
That is excellent that makes the position slightly less tenuous.
If you know he owns property, then ask him for a charge over his property to secure the debt.
Did you pay the money into his personal bank account?
Do you have any thing in writing where he admits he owes you the money?
Kind regards
AJ
Customer: replied 2 years ago.

No and No But would have statements to show payments made to his supplies and other deters. Also his ex wife and my old accounts new of the debt owed by him and have urged him to settle it but to no avail.

hope this helps.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
If he wont negotiate with you, the only thing I can suggest is you serve him with a Statutory Demand. If he has acknowledged it is a personal debt then this will put pressure on him to pay within 21 days or negotiate.
After 21 days you could petition for his bankruptcy.
The only alternative is you go and get a county court judgment and use that to apply for a charging order over his property. At least then your debt will be secure.
I look forward to hearing from you.
Kind regards
AJ
Alex J., Solicitor
Category: Law
Satisfied Customers: 3557
Experience: Solicitors 2 years plus PQE
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