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 Alex J. Your Own Question
Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3843
Experience:  Solicitors 2 years plus PQE
Type Your Law Question Here...
Alex J. is online now

Can someone please help me. When my partner decided to

This answer was rated:

Can someone please help me. When my partner decided to set up his own business (signage) after approx a year it was clear he had to move into premises and purchase printing equipment. Due to the company having no credit history. My parents agreed to loan us £4000 to assist with the deposit for the equipment with the promise it will be paid back with 6 months. As I was working with my partner after 1 year I was able to start making payments from the business account, along with payments to my personal credit card for materials when we had a particularly bad month for money coming into the company. I am no longer with him so now have no access to the accounts. There is still £2500 outstanding to my parents and approx £700 outstanding on my credit card. I have asked on several occasions when he will be paying these and if he is planning on arranging a standing order for the outstanding amount. I have had no response. What can I do if anything?
Thank you for your time.
Kind Regards
R Field
Hi, Thank you for your question and welcome. My name is ***** ***** I will assist you. Do you have any receipts or paperwork for the money spent or the loan? Is the business a limited company? Kind regards AJ
Customer: replied 2 years ago.
Hi Alex
thank you for your reply.
The only thing I have is my credit card statement with the original transaction.
My parents would have the transfer on their statement.
Yes it is a limited company
R field
Thank you.
As long as you can prove you are owed the money you can sue the company in the county court.
A bank statement or credit card receipts should be proof of this, along with any emails you may have.
Does the company have any assets, i.e money in the bank etc?
Kind regards
Customer: replied 2 years ago.
There is money in the bank but not enough to pay what is owed. And as far as I'm aware there is no other assets.
Would I need a solicitor or any kind of legal representation if i go to court
Thank you.
You would not necessarily need a solicitor as this can be dealt through the small claims court and online money claim.
If the company does not have the assets to pay the full amount - then you just need to be sure that he will want to keep trading the company and not allow it to go into liquidation, because if it goes into liquidation you are unlikely to be repaid.
I look forward to hearing from you.
Kind regard
Customer: replied 2 years ago.
Thank you so much, I feel better knowing that this is something I can take forward.
Your assistance and advise have helped loads
Many thanks again
Thank you
I wish you the best of luck.
Please do not hesitate to contact me if I can assist any further.
Any feedback is gratefully received.
Kind regards
Alex J. and 2 other Law Specialists are ready to help you