Appologies for the delay to get back to you, as your reply wasn't prominantly placed. I just didin't see it.
Anyway these are informations you requested:
- The money, handed to me in cash instalments to pay for a shop premium, was loaned to me personally.
- The agreed terms were:
A weekly payment of £240 to be made, from the company profits, over four years with the starting date of June 2008.
Eventhough the company was registering losses during those years,
I was managing, with external help, to pay £50 a week.
For the last year I've been paying £100 instead.
Our relationship has deteriorated significantly, especially after she got married last year. My big worry, now, is that I might have made a big mistake in not requesting payment receipts from her.
Please get back to me ASAP.
I've been using cash the same way I pay her weekly wages cash in hand. Unfortunately I didn't use my bank account for the loan repayment.
My accountant can confirm that the debt is listed in the company account as a liability.
Now I can answer your questions as I've just had a meeting with her.
The only figure I can afford to pay her back every month is £500.
Unfortunately she demanded £1000 instead, otherwise I would have to consider to sell the shop to settle the debt.
Moreover she 's given me a 2 weeks notice to leave her job in the company.
By the way I have other debts totaling £95000 ,form loans,credit cards which I'm still paying back.
My questions are:
- As there is no receipt or bank records to prove the money she received from me before, and in case she denied it now ,would I have to pay it again?
- Can she declare me bankrupt and force me to sell the shop,worth at best £70000?
- In case she can, could this go ahead even though the money generated will meet less than half the money I owe to all my creditors?
Your help will be greatly appreciated.