Directors responsibility


J

Jason Power

I'd appreciate any thoughts comments personal experience.

I'm owed money by a company that's gone into administration.

The sales director of the company has subsequently bought out the assets of
the old company and some of the liabilities (mine not being one of them) for
£15,001.

As part of those assets there is an unrealised debt of over £100K on one
contract. When I say unrealised I mean no one has realised it's owed and
it's not on the books. The Director refuses to acknowledge it, I believe for
fear of losing the customer.

What action can I take? Generally people are telling me that if I take it to
the administrators once they get through with it there'll be nothing worth
mentioning.

Can I threaten this director that what he's doing is Fraud as he's bought
the asset at a lower value than is stated?

Help I need this money!

TIA

Jason
 
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J

Jon S Green

Jason Power said:
Can I threaten this director that what he's doing is Fraud as he's bought
the asset at a lower value than is stated?

Help I need this money!
Be very, very careful that you're not effectively committing blackmail,
because it sounds to me like you're dancing on the giddy edge of it.

You need a prison sentence a lot less than you need the money.

Get legal advice, not ours.


Jon
 
J

Jason Power

Thanks Jon I understand what you're saying and I am trying to define that
fine line between Blackmail and a promise to action. Again I'm only trying
to get what I'm owed and I want to be pleasant about this because there are
other factors in this situation that make it that bit more complicated but I
do need what i am owed. Ideally I want this guy to say actually you are
causing me more trouble than you're worth heres a payment to shut you up!
but I do believe that he's too stupid to do that so ideally I need a similar
situation where I can show him that what he's done can be very problematic
for him. I'd like to point out that however that how much I detest this
person I honestly do believe he hasn't intentionally done anything illegal.

Thank for the advice Jon
 
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J

Jason Power

Hadn't thought about the VAT thanks Richard

£100K is about 25% of the unsecured debts. Limited company owned by the
sales director and the MD.
The point I'm trying to make is that the work I did for this company was to
determine what level of debt was owed by this debtor company. I was brought
in by the MD to correct the errors the SD made. which ruffled his feathers I
think. The debtor company to the best of my knowledge has never been made
aware of the debt so have never expressed any opinion one way or the other,
btw it's a PLC working for the public sector so they may have an image to
uphold and so pay up to avoid a scandal??

Thanks again Richard
 

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