i

stuckwithme

just

srsly78

Is it a company? Limited company? You have an accountant? Since you work in finance you know about this stuff right? You can't just pay random non-business related things out of a companies takings for starters.

Did you father sign any personal guarantees for stuff? This would negate any limited liability.

Savage93

stuckwithme wrote: »

just wondering has anybody any experience with this-it is not personal debt but our late parents estate?! i am going out of my mind with worry.yesterday my brother received a letter hand delivered to say unless monies owed is paid in full a receiver could be appointed without any further notice.

Basically i am 30 and my brother is 24. We have a younger sister who is 19 and in her first year in college in Dublin. I have a good job in finance in Dublin and my brother fell into the family electrical business with my dad since school and still works there.
We have had a bad patch. we lost both our parents in 2011 tragically. after the initial shock we knew we had to keep the business going for my brother and to pay for my sister in college. it is a small electrical shop and business is not great but it ticks over and allows us pay expenses and keep my sisters rent paid in dublin. I am the only one who doesnt rely on income from the weeks takings

we discovered there was only half cover on the policies-disaster. through our solicitor we have offered bos the amount we have from the policy and we had a valuation done from one of the banks valuers. basically what we are offering is 20 thousand more than it is valued for. this is going on so long we believed the bank would take a deal as we had heard they were going out of ireland etc and our relations and solicitor and accountant had reassured us. To my utter horror they have refused this offer and want an additional 200 000 which they say is owed to them. I am at a loss. i am so worried for my brother and sister and i am afraid they will take thee family home as well? this letter has come from the blue-its christmas week ffs.

can somebody tell me what this means? is it inevitable this will happen or may they still accept what we are offering?the not knowing is fking awful

A Bank will only appoint a Receiver if they see no other option. There must be substantial longstanding arrears on this debt with no engagement by you for a considerable period of time for them to go down this road. All the experts who said "they'll do a deal, they're pulling out of Ireland" are not about to lose THEIR property , you are.
Seek Immediate meeting, try to work out compromise, offer the policy proceeds in reduction of the debt and try to work out a repayment schedule which works for everyone, even if you can do interest only for 12 months.
Good Luck

Savage93

stuckwithme wrote: »

thanks so much for the replies we are worried sick. we all have inheritered the property and it is still in an estate so we have no personal debt at the moment. we are reluctant to take out a loan as we have got valuations from the banks auctioneers and we have from the policies enough (plus additional 20000) to cover the current value of the property. we were advised not to pay any money on this loan as we were told they would do a deal with us. you are right now we are stuck. we have been to them twice to reach resolution.

And the advice not to pay any money got you just where??????
Talk to these people, tell them you are trying to reach a resolution, make offers

chris85

stuckwithme wrote: »

thanks so much for the replies we are worried sick. we all have inheritered the property and it is still in an estate so we have no personal debt at the moment. we are reluctant to take out a loan as we have got valuations from the banks auctioneers and we have from the policies enough (plus additional 20000) to cover the current value of the property. we were advised not to pay any money on this loan as we were told they would do a deal with us. you are right now we are stuck. we have been to them twice to reach resolution.

That is terrible advice to default on loans in order to try squeeze a deal. They are getting out of the country yes but they are still looking after some business products and have another company, Certus, servicing some of their retail and other debts. Certus have hired many people including graduates and have showed a long term commitment to look after and recover debts due.

Realistically, stop thinking you will get a deal out of this. You need to take to the accountant to see what funds can be raised to satisfy the bank. A reciever is not appointed without great thought by the bank. They consider it unlikely the company will pay the debt willingly and are seeking the courts to recover the funds. A proposal to repay the full debt needs to be done.

stuckwithme

thanks for the replies-much appreciated-back to the drawing board tomorrow!

BuffyBot

Nice of you to take the wisdom from the population, then withdraw the query so no else can learn. That's not how this site operates. Please don't do it again.