Breach of contract help

Graham3768

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Joined: Mar 2021

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#1

Breach of contract help

14th March 2021, 13:44:PM

My partner has an agreement as a lender for a loan to a company (the borrower) who has defaulted on the agreement after five payments of a 36 month agreement.

The company have sent an email stating that the FCA has placed restrictions on them, which we have checked with the FCA, the borrower have said that their bank account has also been frozen by the FCA.

Two clauses in the agreement may be applicable, the first “If it becomes unlawful for the borrower to perform any of its obligations” and “payments need to be made within 10 business days of its due date” in both cases it declares that the loan becomes immediately payable.

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pt2537

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Joined: Oct 2007

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#2

14th March 2021, 13:56:PM

There's a lot more to this than meets the eye potentially. What is the structure of the company? Is it limited or sole trader or something else?

I work for Roach Pittis Solicitors. I give my free time available to helping other on the forum and would be happy to try and assist informally where needed. Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide is without liability.

If you need to contact me please email me on Pt@roachpittis.co.uk .

I have been involved in leading consumer credit and data protection cases including Harrison v Link Financial Limited (High Court), Grace v Blackhorse (Court of Appeal) and also Kotecha v Phoenix Recoveries (Court of Appeal) along with a number of other reported cases and often blog about all things consumer law orientated.

You can also follow my blog on consumer credit here.
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Breach of contract help

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