How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Ash Your Own Question
Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
75100385
Type Your Law Question Here...
Ash is online now

I have give director loan to company, I came out of the

Resolved Question:

I have give director loan to company, I came out of the company and company signed the director agreement to pay me back with specified terms, I am not in company any more and this has been signed on the same day that I came out of company. company now
saying they wont pay money as they don't have any money , I want to know can I take the company to court and enforce them to pay me regarding the agreement they signed ? can this court order finish with getting warrant if they wont pay ? as I am out of company
now would I count as normal third party debtor ? what should I do ? I know company has asset to pay if court order them , company has 2 subway store . I have called the accountant of company , she is chartered accountant , she said because it was director
loan , you need wait and your on the bottom of pile of debtor if any , then if company make profit you will get your money otherwise you can not get your money , she mentioned director can not take money unless they pay you first, but if they wont take money
and company does not have any money to pay you, you can not do anything and just need to wait as this was director loan . having said that the director loan has been signed on the day of resigned from the company where I transfered my share to new director
and new share holder but in the minutes of meeting we mentioned that new director are aware of this loan and its terms . so can you please advise if I can take the company to court not as x director claming director loan , but as third party debtor who want
their money and they have to pay even if its old director loan . the answer of accountant gave me scared me that I need to wait till company pay other debtor and till company not making profit I can not get my money , can you please advice .
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Hello my name is ***** ***** I will help you.
You need to write and set out your losses and request a refund within 14 days or say you will go to Court within 14 days. You should make sure you send this signed delivery and keep a copy.
If they do not refund you then you can issue proceedings in the County Court. You can either do this online at: www.moneyclaim.gov.uk or by completing form N1 http://hmctsformfinder.justice.gov.uk/courtfinder/forms/n001-eng.pdf and take it to your local County Court.
The Court will then issue a claim which a copy will be sent to the Defendant who will have a limited time to defend it, if not you can enter Judgment and enforce.
If the claim is for £10,000 or less it will be a small claim so you will not need legal representation. Over this value you would need representation for trial.
Can I clarify anything for you about this today please?
Customer: replied 1 year ago.
actually I know the procedure totaly , as I write in my question I contacted the accountant and she mentioned as this is director loan I can not enforce it unless company making profit , I can not be like normal third party debtor as I was x director and claiming for director loan . can you please re read my original question and respond accordingly .
Expert:  Ash replied 1 year ago.
I want to know can I take the company to court and enforce them to pay me regarding the agreement they signed ?
Yes you can
can this court order finish with getting warrant if they wont pay ?
Yes it also can, or other enforcement methods
as I am out of company
now would I count as normal third party debtor ?
Yes regular debtor
what should I do ?
See above for the process
Yes see above
so can you please advise if I can take the company to court not as x director claming director loan , but as third party debtor who want
Yes you can if the debt is assigned
Does that clarify?
Alex
Ash and other Law Specialists are ready to help you