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Insolvency advice (slightly different from the usual)

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  • Insolvency advice (slightly different from the usual)

    Hi,

    Thanks for taking the time to read this post. Please excuse any incorrect terminology, hopefully Iíll get the general gist across without sounding like too much of an idiot!

    Iím asking for some advice on behalf of my mother. She was made director (Non-executive?) of my grandfatherís company while it was doing well in the mid 80ís, although she had very little actual involvement in the running of the company or took any share of the profit. My grandfatherís company went bankrupt due to him (he believed) being mis-sold a debenture mortgage that he was then unable to pay off after interest rate rises (possibly related to the rate rigging scam, but thatís another issue entirely). This was back in 1991, and my grandfather died shortly after the bankruptcy so my mother was never kept in the loop as to whether the debts were all repaid. As she also did not update her contact details with Companies house after moving to a new house, so sheís never had any correspondence from them.

    She recently decided to look in to the issue with the missold mortgage and discovered she was still listed as director, but that the company was due to be dissolved in August this year. She is worried that if she makes herself known to Companies house then she might be liable (as the sole remaining listed director) for any remaining debts. However, if she doesnít make herself known then she will potentially lose any chance to investigate the possibility of the missold mortgage, which is something that she would like to do to try and obtain some justice for what happened to my grandfather and his business.

    So essentially what Iíd like to ask is; what would be the risk of her making herself known to stop the dissolution process? Could she end up having to pay off any remaining debt, despite her lack of involvement with the company. She has no assets to her name and has never take any profit from the company when it was operating.

    Any help with this would be much appreciated, by both of us.

    Kind regards
    Chris

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