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 Ash Your Own Question
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
Type Your Law Question Here...
Ash is online now

I have gone garantor limited company ( owned by my father

This answer was rated:

I have gone garantor for a limited company ( owned by my father ) I am no longer a director. We have just discovered that our accountant ( self employed ) has been creating false invoices and submitting them to the factors . The accountant has left the company and set up his own limited company, he also stole company information to use for his business . Can I loose my house if I have a joint mortgage and do we have a case to sue the accountant ?
Hello my name is ***** ***** I will help you.How much is owing please?Alex
Customer: replied 2 years ago.
Hi Alex I believe that £ 160,000 has been created in fake invoices and about £20,00 is owed to suppliers .
Ok. Technically you would owe the suppliers as guarantor no matter how the debt arose. So technically you could lose your house if the debt goes to Court, they get a charging order etc.However what you should do is inform the POLICE about this person and issue proceedings. if they have any assets such as property they can be charged with the debt and sold.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
Customer: replied 2 years ago.
I have a joint mortgage with my husband how would that work with the garuntee ?
It would come out of your 50% but they could in theory still apply for an order for sale.Whether they get an order is a different matter. If the debt is £20k and you have say £400k equity its disproprionate.Of if you only have £10k equity same applies.
Does that clarify?Alex
Customer: replied 2 years ago.
Yes thanks for your help .
Good luckAlexIf 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:
Ash and other Law Specialists are ready to help you