I am the secretary of a limited development company which had a large site reposessed by administrators instructed by the back. The site was re-sold on over 6 months ago. We received a letter 5 months ago confirming that the property has been sold. To date we have been unable to speak with anyone at the bank or administrators to find out what the property was sold for and whether the sale covered the finance or not. It was thought that there would be surplus monies after the sale, to pay outstanding creditors but we have been unable to to find this out. Are the bank or administrators under any legal obligation to inform us of the current situation and if so, what timescale should they adhere to.
Unable to find out any details of the sale of repossessed site
Posted - 11 March 2012 : 18:06:04
