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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11418
Experience:  30 years as a practising solicitor.
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I was a partner in a building maintenance company with my brother

Resolved Question:

I was a partner in a building maintenance company with my brother and father. My Dad retired 2010 but still came in if help was needed and following a disagreement with my brother I left in 2011 and my he took over the business. At the end of 2013 the business closed and the property was put on the market without the knowledge of myself or my father. That aside, a buyer was found but before completion my brother became bankrupt and the Trustees in bankruptcy stepped in. Due to their delays, the buyer dropped out before Christmas. They will not permit my father and I to sell without their consent. The property is still not up or auction as they have not reached a decision. We have incurred over £4000 in costs to clear the property and pay our solicitor as they refused to continue in case the sale fell through. We now have an £8439 court summons -payment of council tax and do not know what we can do. Do the liquidators have the right to treat us like this and is there anyway we can stop the court summons?
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you question.
In whose name is ***** *****?
Customer: replied 2 years ago.

The property is in my name, my father and my brother's name. My father paid the deposit of £95,000 (they were given proof of this) but as there is no written agreement we are told this is irrelevant. The liquidators want a third share before costs leaving my father and I to cover all costs. I forgot to mention that sometime during 2013, I believe, my brother merged the commercial loan/mortgage with a business loan (which was taken out whilst we were still there) but took my name off it so it was in his and my father's name only. I have informed the liquidators of this.

Expert:  JGM replied 2 years ago.
So is the propery now security just the mortgage but also the business loan?
Customer: replied 2 years ago.

Yes it is, I am not sure of the balance of the loan - probably in the region of £240k and the property should sell region of £300-330k

Thank you

Expert:  JGM replied 2 years ago.
The trustee steps into your brother's shoes and can realise his assets benefit of creditors. So the trustee is entitled to your brother's share. Subject to that you can sell the property. If they delay in making a decision tell them the property is going on the market and that if they don't agree to a reasonable offer you will have to take the trustee to court.
They also have to bear the sale costs before the net free proceeds are divided.
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