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Discussion Starter · #1 ·
CAn anyone advise the process around debt recovery. *I invested in a development project that has gone belly up. *The bank is chasing the company and has already been paid from company assets. *The company owner has agreed to pay me from proceeds of the sale of his house but the bank is now chasing him for more money - not sure how this is possible so some enlightenment from anyone who knows would be helpful.
I am prepared to buy his house at a substantial reduction in order to recover my investment but I am not sure whether I should talk to the owner or the bank. *How do I find out whether there are any liens on the house or whether the bank can recover from an individual for money owed by a company. *
Many thanks
 

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I am not real clear on the details, but our company has received notice a couple of times about customers (owning us money) who have gone bust. If they are doing things formally (and correctly), there should be a receiver appointed, who must notify all parties with claims against the company. This includes creditors, vendors, and (I would think) those who have invested in the company.

You're given a certain period of time to produce proof of your claims against the company (invoices, delivery bills, etc.) and the receiver is supposed to evaluate everything they receive and then allocate what assets are available to the various categories of creditors. Generally, the creditors get only a small fraction of their claim - if that.

Unless you know precisely how the company is set up (i.e. is the owner's house part of the company assets?) I'd stay away from doing fancy deals with the owner to recover part or all of your loss by buying his house on the cheap. If it appears like the owner is attempting to hide assets that should be included in the settlement with the creditors, you could be buying into more trouble than you know.
Cheers,
Bev
 

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Discussion Starter · #3 ·
Bev
Thanks for the reply our problem is that we have only just learnt that the company is in receivership. The owner will not tell us whether he has notified the receiver of our interest and we are struggling to get details of the receiver so that we can notify him/her
The owner insists that we will be paid when he sells his house but it has now been on the market for 2 years and our hopes of recovery are diminishing.
Do you know of anyway that we can find out who is handling a receivership. We are not in France at the moment so it is all very difficult.
 
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