Ask a Law Question, Get an Answer ASAP!
Hello my name is Alex and I will help you with this. Please note that I am a working Solicitor and may be on and offline as I have to attend Court and meet with clients, even at weekends. As such you may not get an instant response when you reply as this is not an ‘on demand’ live service, but rest assured I will be giving your question my immediate attention upon return. There is no need to wait here, you will get an email when I reply.
Who would be selling the asset, the Company or Bank please?
the bank if they take it back
They should sell it and apply any proceeds to the balance outstanding.
You would then be liable for the debt that remains.
It is like a car you get on finance, if you default then the finance company take it back and sell it at auction
It may not be market value but that does not matter.
This is the same here - they can sell it, it does not have to be a full market value.
But whatever they sell it for should be applied to what is owed
But sadly you as guarantor will owe the balance
but why can i not keep paying the asset as i am not bankrupt and i have not defaulted on the debt
Because it is the Company that has ended the agreement by going into liquidation - this ends the agreement.
There will be a clause saying this.
I am sorry as I know that is not the answer you want and certainly not what I want to tell you, but I have a duty to be honest.
what happened to possesion is 9 tenths of the law
That is a myth. It does not belong to you - I assume the asset is on finance. If so the Company does not own the asset until paid in full
what if a friend raises the outstanding balance on finance for his company can they still demand the asset back if its going to be paid of
No - but it needs to be paid off first.
You can't say it will be paid, you need to pay it within 28 days
so i can can ask them for 28 days to get the asset paid of?
and do they have to give me that
You have rated poor but want to know more information - I am happy to continue if this was a mistake as I have done it myself by accident.
i take it you are not going to asnwer my last question i find the service very poor
Forgive me, just popped to get a drink
If you have a PG then before they call it in they have to serve notice
This is normally 28 days but will be detailed in the guarantee.
They can not take steps to enforce or else until the time has elapsed.
Does that answer your question?
Can I clarify anything about this for you today please?
It is my goal today to make sure that you are totally satisfied and I want to work with you to achieve a positive rating.
How else can I help you?