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Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I gave seventy thousand pounds to a friends business towards

Customer Question

Hi I gave seventy thousand pounds to a friends business towards the build of a house . The deal collapsed. I had no shares in their company Which I had lent the money to for the building materials they owned.. We set another ltd company up with a bank account but no money or business was made as house did not happen.
They say they have no money and it was A directors Loan and I will be repaid in building materials by way of 3 garden cabins that I have to sell. So spend my money on land, making a business and advertising. They have a commercial premises in London they lease with 2 cabins they have built. My argument is I should be able to sell them from that building as I invested money into it.
Where do I stand legally? £70,000 cash would get me back on my feet as I isold my house to invest
Thank you
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Hello my name is ***** ***** I will help you.Is anything in writing please?Alex
Customer: replied 2 years ago.
Only after I gave money. in 4 transactions with promise of different interest in his business over a 7 months. Then I have a piece of paper both signed saying I gave money as directors loan to his company and am getting 3 cabins he will build at rep of 25k each.
But he has not been forthcoming to help me ie sell them from his building which I also paid £7k for a studio office he will not let me use.
Customer: replied 2 years ago.
I am now on JSa after my business went backwards due to my involvement helping him . I am living in a hostel live in guardian place and it has made me very unwell. I would never have done this but he was a friend and so convincing . I have lost my beautiful house and my son who is at uni s home.
Expert:  Ash replied 2 years ago.
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: or by completing form N1 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?Alex
Expert:  Ash replied 2 years ago.
If this answers your question could I invite you rate my answer before you leave today.I am only paid for my work on this question if you rate my answer, using the star system at the top of the screen. Please do not forget! Thank you.Please bookmark my profile if you wish for future help: