Statutory Demand Threat Personally For Company Account

[gollum]

Hi everyone,

I'm being threatened personally with a statutory demand for a limited company loan (guaranteed personally by me) that is current, within the contract period and being paid. The reason for the SD is that the loan company have cited a breach in the contract and are calling in the whole debt early. I do not agree with the alleged breach and in fact believe it is them that are unable to comply with their own contract causing the problem in the first place and one that I am powerless to change.

The loan itself is not a standard type - it's a cash advance repaid by taking a small percentage of every credit card sale until the amount is paid or 12 months is up, whichever is the sooner. The finer details of the contract are more complicated as it's a sale & purchase agreement. Perhaps a bit lengthy to go into here although I'd be happy to do so if required.

I have managed to avert the serving of the SD and am now in conversation with their legal dept. Whilst they are still acting very heavy handedly they have offered a repayment solution. Their offer was only open for 7 days which is up tomorrow. Unfortunately though, I don't agree with their offer for a couple of reasons. It also doesn't resolve the ever present threat of another SD.

I'm trying to find out if their claim of an alleged breach is sound or whether they are just trying it on - the latter I expect, but I'd like to be sure. I've read a good amount about SDs already and understand I can apply to the Court for a set aside but quite frankly I don't see why I should for something that is simply not my fault and I don't like the threat of it hanging over me. I have tried to seek legal advice via this site and elsewhere and whilst it's available I just can't afford it unfortunately so a week on I'm no further forward.

If anyone can assist I would be incredibly grateful. I do have a specific question at the moment though; if I'm being pursued personally for a company debt does that mean it then falls within the realms of the CCA?

Great site BTW

Gollum

[MissFM]

Re: Statutory Demand Threat Personally For Company Account

Hi Gollum and.

It's extremely likely that some of the more erudite Beagles here will be able to answer your questions, so sit tight and good luck! x

[EXC]

Re: Statutory Demand Threat Personally For Company Account

I do have a specific question at the moment though; if I'm being pursued personally for a company debt does that mean it then falls within the realms of the CCA?

It doesn't sound like it. Who was the creditor and could you post up the agreement excluding any personal details?

[gollum]

Re: Statutory Demand Threat Personally For Company Account

Hi folks, thank you for the warm welcome.

I've attached the agreement here. I also signed an extra agreement which is below and I signed a personal guarantee too. Please don't judge me, I was in a difficult situation at the time!

A true copy of the main agreement was never returned to me by Ashley Business Cash (ABC), they emailed a b&w photocopied version (allegedly signed by me but not by them) to me instead and admitted they didn't have either of the 2 originals I signed. When I insisted on an original they got their in house solicitor to certify the photocopy, signed and witnessed it and emailed it again. Page 7 was missing (Page 5 is also missing from the attached versions but only because it's blank and I was saving file size). I cannot verify that this is the agreement I signed as the one I signed was a colour printed document and I don't believe there were any pages missing!

The breach of agreement they allege is that 1 of my 2 merchant providers (card processors) did not carry out my request to change the bank account that all card payments were paid into. They account should have been changed to ABC's bank account for them to intercept and take their small percentage before transferring the rest to my Company account. In actual fact that merchant, Merchant A, was carrying out my request but then asked for proof of the account by way of a void cheque or letter from the bank to ensure no fraud was afoot. ABC could not provide that information and it took them 3 months to admit it. I was powerless to change the situation and so payments from merchant A were never paid to ABC for them to take their cut.

My PDQ provider Merchant B, on the other hand did carry out my request and payments were and continue to be made into ABC's account as per the agreement, the only difference being that ABC have taken it upon themselves to retain 100% of the Merchant B transactions instead of the small percentage as per the the agreement.

As this point, whilst payments are lower than they would have been if both merchants were set up correctly, the account is being paid regularly and at the very worst is a bit behind if it turns out that their alleged breach is valid. We were also paying smaller amounts by card or bacs when available until they slapped me with the SD threat.

I would be very grateful if someone could look over the agreements and let me know if their claim of a breach is sound.

Thanks, Gollum

[gollum]

Re: Statutory Demand Threat Personally For Company Account

Attached

[gollum]

Re: Statutory Demand Threat Personally For Company Account

Additional agreement

[EXC]

Re: Statutory Demand Threat Personally For Company Account

Thanks.

There's no consumer credit agreement involved here so won't be covered by CCA.

As to whether you've breached the contract I wouldn't like to say as clearly it's not straight forwards. Ideally you should ask a solicitor to look it over.

How much of the original loan is outstanding? Do you own your own property?

How much

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account

This part about payment from the PDQ going into Ashley's bank account - I can't see a term that states it MUST be paid into Ashley's bank account - there's a few bits on what happens IF the PDQ co's pay into Ashley's account but nothing saying it is a term of the contract that that happens. In this document it gives an option of making payments within 5 days if the PDQ provider doesn't pay into Ashley's account.



I don't really understand the relationship betweeen yourself, Ashley's and the PDQ provider. Could you give me a simple out line of how the business relationship works just so I can understand the contract a bit better. (I'm currently reading their website)

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account

So it was a business loan.... which had the OPTION of being repaid via the PDQ payments going direct to Ashleys ?

FCA wise - this appears to be their head office/registered office;
Basic details for:
186291 - The R. A. Roberts Partnership Ltd
80 Mosley Street
Manchester
Lancs
UNITED KINGDOM
M2 3FX

''The Roberts Partnership is an independent wealth management firm based in central Manchester.''However on their website I can't see mention of that company only these, who I can't find on the FCA register at that address;

Ultimate Finance Group Plc
Ashley Commercial Finance Limited, RaiseIt, Debt Claim
Ultimate Asset Finance Ltd, Ultimate Recruitment Finance Ltd
Ultimate Trade Finance Ltd, Ultimate Transport Finance Ltd
and companies house has;

ASHLEY BUSINESS CASH LIMITED
08093131
Registered Address: First Floor Unit 1 West Point Co, Great Park Road, Bristol, BS32 4PS

also

ULTIMATE FINANCE GROUP PLC
04350565
Registered Address: First Floor Unit 1, Westpoint Court, Bristol, BS32 4PS

also

ASHLEY COMMERCIAL FINANCE LIMITED
02797120
Registered Address: First Floor Unit 1, West Point Court, Bristol, BS32 4PS


Nothing on FCA under that postcode.

[gollum]

Re: Statutory Demand Threat Personally For Company Account

Hi EXC Thanks for the reply. I have tried a solicitor, two in fact; one that Kate forwarded my email to who was incredibly helpful but then started quoting figures way out of my league so he suggested I find someone closer. I contacted someone closer that was recommended but yet again I couldn't afford the costs. Ironically, if I had the amount quoted I could pay enough off the balance and refinance it and extricate myself from the situation. Balance owing is about 19k. Yes I own my own property with some equity but if it came to a forced sale, for instance, there's a more high priority debt before them.

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account



also doesn't make it a term of the loan IMO

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account

So how much do you owe them ? ( ok Balance owing is about 19k. ) and did you follow option 2 of repayment by making payments into this trust account ?

(as you can tell these kind of deals are a bit of a mystery to me)

Also - where's the personal guarantee ?

[gollum]

Re: Statutory Demand Threat Personally For Company Account

Hi Amethyst, just need to get in font of a proper pc so I can respond properly. Back in 10 mins..........

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account

I know the feeling, I can read and play games on my tablet, but proper work always has to be on the PC with a sensible keyboard and screen size.

[Amethyst]

Re: Statutory Demand Threat Personally For Company Account

Also

it's a cash advance repaid by taking a small percentage of every credit card sale until the amount is paid or 12 months is up, whichever is the sooner.

Doesn't seem to scan with the contract. If you sold nothing or had no card sales for 12 months what happens?

Also are you a sole trader ? I'm presuming not.