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Ross Miller
Ross Miller,
Category: Family Law
Satisfied Customers: 2422
Experience:  Director (Litigation and Mediation) at Hilltop Solutions
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I used to be the Director and owner of a business and handed

Customer Question

I used to be the Director and owner of a business and handed the business over to my ex partner back in August. In March of 2020 I used the company funds to purchase a car. The business owed me around £30k and I used a proportion of this money I was owed to pay for the car. The payment was reconciled as a “suspense” payment as I was going to speak to the accountant at year end as to how to put it through the books. When I transferred the business to my ex I transferred all assets and the business as a going concern (It was primarily his money that was used to fund the business and he ran it on a day to day basis although was not a shareholder / Director). We had quite a messy breakup and he is now telling me that the car is a company asset and has been added so on the companies balance sheet. He has written to me asking for the return of the car along with other assets that were registered to the business that I have in my home such as a dishwasher, tv screen, pc and some software. Where do I stand on having to return the items and in particular the vehicle. Although paid with company money I believe I am the legal owner of the vehicle.
Submitted: 20 days ago.
Category: Family Law
Expert:  Virtual-mod replied 19 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Customer: replied 19 days ago.
I will continue to wait
Expert:  Ross Miller replied 18 days ago.

Hello, thank you for choosing our service, I will be the expert assisting you with this matter today.

Please note there may be delays between messages as the experts on this website are all third party and are not on here full time however, I will respond to your question today. I look forward to assisting you.

Thank you

Expert:  Ross Miller replied 18 days ago.

Sadly, I have to say you are not the owner of the car. However you do have a directors loan to the company in the form of this money. Any item which was purchased by the company money is a company asset and therefore belongs to the company. I would strongly advise instructing a solicitor in this matter. If you have handed over ownership and directorship of the company without taking you director's loan back, or putting anything in place for repayment you are going to run into difficulties. If you instruct a lawyer then I would hope that they will approach you ex and get an agreement in place (which could include you keeping the car) so that all the loans etc are settled without court intervention. This is always advised. However in a very objective view if the car was purchased by the company you cannot simple claim ownership because you are owed money by the company.

I will provide you with a helpful link which will allow your to find a solicitor near you local area who will be able to assist you with this matter.

I hope this information has helped. You can find a local solicitor who deals with this on the law society webpage which is;

https://solicitors.lawsociety.org.uk/

https://www.lawscot.org.uk/find-a-solicitor/ (Scotland)

If you require any help moving forward on this matter in the future, please do feel free to come back to us and I would be more than happy to assist.

Kindest Regards.