My parents have their own company and aren't LTD. They have serious cash flow issues due to a company witholding payment. They have mortgage arrears which we (the children)can pay and continue to pay until this all gets sorted out. Currently they have a large VAT bill outstanding, the overdraft is now maxed out as is the card. There is some equity in the house and i was wondering if the house got sold with one of these quick sale companies that buy for 75 - 80% of the current market value in order to clear the debts mainly the VAT and overdraft so that they get back to zero and start again, and subsequently there was more outstanding if they were then to go bankrupt would this be considered as a transaction under value? its an attempt to prevent the bankruptcy from happening? I hope this makes sense...
Hey bleedingheck, I'm sure an expert will be along shortly to advise you. I'm NOT an expert but I really think that your parents should be seeking advice from an insolvency practitioner before they do anything so drastic. I recommend Melanie Giles, you can contact her via her link on the experts page. Viki X
Help / Advice needed
Posted - 29 June 2008 : 01:56:47
