Company in Liquidation with HP on Ex. Wifes Car

kol1965

Hi All,

Quick question. My Company went into liquidation a few months back.
We had 3 vehicles on finance as follows:

A) My Ex. Wifes Car which was on HP. She paid the Company the money to clear this HP, we used the money to prop up the Company's bank account and continued to pay the HP. Over 50% of the total has being paid up.

A staff member wanted to buy a Commercial jeep and asked us to reclaim the VAT for him. We leased the Jeep and within 6 months he came into money and paid us for the total amount Excl. the VAT.
Again, we used the money to prop up the Company.

C) My own jeep.

The finance Company now want the vehicles back. But the two individuals both paid the Company in full for them. (They weren't aware that there were being financed).
I want to try and help both individuals to keep the assets.
Both Vehicles licensing certs are in the individuals own names.
I Don't have the money to clear the Finance (Approx €15k & 18K outstanding).
I had a Jeep myself on finance, which I am currently trying to sell on behalf of the Finance Company)

Any suggestions as to how I can help the two individuals.
I am still on talking terms with the Ex and the former staff member and would hope to keep it that way.

Thanks a Mill

chris85

The ex wifes vehicle is a situation where the ex wife should be making the payments to the bank directly now and since the company is in liquidation maybe talk to the bank and discuss about having the account transferred into her name if everyone agrees to it. Otherwise the bank will take it back as the company is in liquidation and thus risky for them not to have it back. fair enough if 50% paid but if you are thinking of handing it back over the half rule this is only for consumer finance, not commercial finance.

On the staff members case, very bad form to be honest. The staff member when they came into money and gave you the money for the remaining balance it should have been used to clear the finance. instead it was selfish to prop up the company's accounts. The bank are well entitled to take this asset back if in arrears. the individual may well seek personal action against you for your actions in this.

Your jeep if in the company finances will most likely be taken.

Also doesnt matter if the registration is in individuals names, the bank still own the assets legally until finance cleared.

Maybe explain the situation to the bank and see what can be done but i would imagine they will not be lenient given the company is in liquidation and they will be looking to move quickly to gather assets back that belong to them to recover some of the funds.

Personally i cant see why the funds werent used to clear the finance on the staff members vehicle. This is extremely selfish and you put the company ahead of everything. The staff member probably worked hard for their money to pay this off and may be left with nothing to show for it due to your reckless actions. I cannot understand the company may have been in dire straits but its a staff member and you should have some morals but unfortunately you made a bad decision there.

dudara

Thread closed as another one already exists.

OP - please only create one thread per topic.

dudraa