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Losos
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29-09-2012, 10:54 AM
Originally Posted by Brundog View Post
He is liable for 1.5million
OMG What a terrible situation to be in, I do feel really sorry for you and your Dad and all the other family members because this type of thing effects all of you.

Many years ago when I had a business (Not in this league) I needed £12,000 and asked my Dad to guarantee the loan - he refused

That taught me a lesson which was, no matter how remote a possibilty, how big or small the amount, and how nice or not the lender is, eventualy there might come a time when you have to honour that guarantee.

As someone above has said he needs to get expert corporate legal advice, if the initial meeting is free they should tell him if it's worth retaining them. (If they are honest, but better not go down that road!!)
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Brundog
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29-09-2012, 10:59 AM
thanks losos - as you will see its worse its now 2.6 million and he has had lots of legal advice and is going to attempt taking on the bank.... what else has he to lose, they are taking everything anyway
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Lynn
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29-09-2012, 11:07 AM
Oh gosh Danni I am so sorry. I really have no idea where you would start but I wish your mum and dad all the luck in the world that it gets sorted out in their favour.

Massive (((hugs))) to you all.
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Losos
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29-09-2012, 11:20 AM
Originally Posted by Brundog View Post
is going to attempt taking on the bank.... what else has he to lose,
Good luck to him

BTW would this be the bank that bought ABN Amro in 2007 for twice what anyone else was willing to pay

The bank that bought millions of American mortgages on properties where the house buyer had never even made the first payment

The bank that the UK tax payers now own about 80% of
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Brundog
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29-09-2012, 11:24 AM
its the clydesdale bank and apparently they are notorious for being this brutal...
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Losos
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29-09-2012, 11:29 AM
Originally Posted by Brundog View Post
( and i suspect but cannot prove has been started by the other director that set him up for this in the first place)
and did this 'other director' also sign a personal guarantee it would seem grossly unfair if this 'other director' was going to benefit if the company did well but not be liable if it went the other way.
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Brundog
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29-09-2012, 11:36 AM
Originally Posted by Losos View Post
and did this 'other director' also sign a personal guarantee it would seem grossly unfair if this 'other director' was going to benefit if the company did well but not be liable if it went the other way.
yes they did and another director both who are still working at the company..
The investor who was supposed to invest then went on and Bought the company at a song probably and all in all my dad feels the bank set him up to fall. They haven't chased the other two directors for their share of some of the guarantee.( which they took on a small portion of...)

Also 4 days before there was a meeting with my dad and the bank and this investor at which point the bank told my dad they were looking at administration ( INFRONT OF THE INVESTOR WHO WAS SUPPOSED TO PUT MONEY IN 3 DAYS !!!) so of course he didn't invest and the bank pulled the plug that day.even though there was another investor in the sidelines... the bank refused to continue... however the bank then gave the administrators an overdraft of 250K to run the company whilst in admin for sale???? i just dont understand
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Losos
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29-09-2012, 11:36 AM
Originally Posted by Brundog View Post
its the clydesdale bank and apparently they are notorious for being this brutal...
hmmmm don't know much about them, don't think I want to now I checked and they are not part of the bank I was refering to in post 14.
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Losos
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29-09-2012, 11:44 AM
Originally Posted by Brundog View Post
They haven't chased the other two directors for their share of some of the guarantee.
Why, they should be chasing all the people who gave guarantees, like you, I don't really understand what's going on but it does look like your Dad has been 'set up' - one aspect of human behaviour which only comes to the surface occassionaly but is none the less horrible
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alexandra
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29-09-2012, 05:50 PM
Oh my god Dani, Im so sorry to hear this. I was made bankrupt in 2008 and its was one of the most stressful times in my life. it tore me and the hubby apart and changed us forever (Although we are now happily married)

I would seek specialist advice and especially in respect of why the other two directors although jointly liable are not being pursued!

We kept our house but only because our mortgage was too high and meant there wasnt enough equity in the property.

Also another aspect to seek is the possibilty of keeping the house or keeping enough equity out of it to buy another house that is still suitable for disabled inhabitants as your brother may be living there occassionaly for respite...it may be worth using that as a reason to keep the house.

Maybe seek advice as to decalring himself bankrupt? it can give a lot of breathign time and the insolvemncy service were actually very sympathetic and helpful.
It all sounds very shady to me....Im so sorry...my biggest hugs xxxx
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