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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3695
Experience:  Solicitors 2 years plus PQE
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I was a Director of a Company which went into Administration

Resolved Question:

I was a Director of a Company which went into Administration in 2006. We had re-mortgaged all our properties with a lender of last resort who charged extortionate interest rates, payable upfront, and we have since discovered there are 44 other victims (we were all in the farming industry. He set us all up to fail in order to take possession of the properties and sell them on.
The lender himself then went into Adminstration. He has recently applied for and succeeded in his claim to have the Company restored and assigned to his new Company.
Is this fraud?
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.
Have you received notice of the assignment?
Did his new company pay for the assignment?
Kind regards
AJ
Customer: replied 2 years ago.

No I received no notice of the assignment it was brought to my attention by a third party and yes, I presume his Company paid for the assignment.

Expert:  Alex J. replied 2 years ago.
Hi,
Thank you.
Has he started chasing you for the debt?
Under S.146 of the Law of Property Act 1925 - for the assignment to be valid they would have to give you notice of it.
Ultimately the debt is an asset of the insolvent company - so it is capable of being sold. So this is not necessarily fraud.
I look forward to hearing from you.
Kind regards
AJ
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