I was aware i was not to sell the assets, however it was our intention to repay the amounts before it was discovered.
The total value is £679907.12.
We have £331981 available to pay today, and £900,000 worth of collateral to use for the balance.
I did not conceal the sale, it was a huge agricultural farm sale, well published in the press.
We feel they are being unrealistic in not wanting to discuss a repayment schedule.
This was the email I received this morning.
I will formally respond to your email via our solicitors as your proposal is not acceptable. The sale of our assets ‘out of trust’ will be reported to the appropriate authorities and legal action taken.
Can the finance company repossess the machinery from the people who bought it from me?
The collateral is land. Prime arable land.
The buyers where unaware of finance on the machinery, as where the auction house that sold it.
I agree that they theoretically should be more interested in getting there money back, as the value of the machinery sold is less than the amount owing.