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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 50212
Experience:  Qualified Solicitor
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Question regarding money owed by a company.The Financial

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Question regarding money owed by a company.
The Financial Ombudsman gave me a final decision on a complaint against a Payday company. This decision awards me money – all interests I paid to the business, including 8% interests and £200 compensation. This will accumulate to £4,110.22 owed to me by the business.
The business is a limited company and the company director, is also the director or owner of 6 other companies.
After sending the final decision and chasing, the director has finally got back to me and just said, the company has no assets and can’t pay/won’t pay. I did ask if this means his company is bankrupt, which he said no, he just said they don’t have any assets and he will just close the company and that’s it.
Can he do this? How can I get my money? Or is there no chance of me getting my funds?
Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today. Have you checked to see if the company is still trading?
Customer: replied 2 years ago.
Yes, the company is still trading and active. The Companies House and FCA confirmed this. The Director also confirmed that it is still active but he just says, there are no assets and he can't pay. That's it.
Whilst what they say may be true, it could also be done purposefully to try and put you off from pursuing them. You could download their accounts from Companies House which will give you an idea of how they are performing financially and see if what they claim is likely to be true or not. Regardless of what they say, you are still able to pursue the company via the courts. For example, you could make a claim in the Small Claims Court, however bear in mind that it does not mean you will get the same amount back – that was the decision of the Ombudsman but the court could decide differently. If you are successful at court you can obtain judgment in your favour and try to enforce that against the company. This could be done in a few different ways, such as by using High Court Enforcement Officers who can seize the company’s goods. Alternatively, you could try and petition for the winding up of the company. Details of this are found here: What you may potentially get will again depend on the assets of the company so try to find out if they are worth suing or winding up by checking their accounts. I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you
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Customer: replied 2 years ago.
Thanks, ***** ***** Ombudsman said it's a legally binding decision no need for court, i only need the court if I need to enforce the decisions as they can't enforce it.
Yes but if they are not willing to pay you then you cannot force them to unless you go to court to enforce it so you would have to go to court anyway