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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a property company,with mortgages ,loans and assets

Customer Question

I have a property company,with mortgages ,loans and assets ,
I have borrowed about 120k from various member of my family ,I have verbal agreement with my family that they will be paid in full ,how can I get my verbal agreement to written agreement so they are protected if my company goes to administration and bankrupcy .
In my loans I can not have any company or individual as interest holder on my properties .
I have loaned 200k to my company as directors loans
Thank you
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
my name is ***** ***** I will help you with this.
You can not. If you or the Company goes into administration then the assets belong to the receiver. The people that have loaned the money are only creditors money. They are not secured creditors of the property.
They can become secure creditors by registering a charge against each property.
you would need to fill out form RX1 and send it to the Land Registry person and each property.
Can I clarify anything about this today please?
Customer: replied 2 years ago.
Thank you response
Why I can not pay them from my directors loan account ?
Expert:  Ash replied 2 years ago.
You can. But if the Company or you go bankrupt you can't pay them from that because it becomes an asset of the Receiver.
When you pay from the Directors loan account you may have to pay tax on that.
Ash and 2 other Law Specialists are ready to help you
Customer: replied 2 years ago.
Given that the company has not gone into administration and I have enough funds to pay my family loan ,can the administrator ask back after 3 to 6 months if company go into administration
Thank you
Expert:  Ash replied 2 years ago.
Yes the Administrator can.

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