H
Do you have a limited company set up? If so, liquidation should not affect your family home. Your company however will be wound up and any assets remaining will be used ot pay the leasing company.just had machines repossessed now leasing company is looking for 80k to make up the value between the machines and there sale of them , dont have money to pay them , only have my family home and mortgage
what do i do
The bank/finance company has a loan to the OP for the purchase of machinery. The payments on the loan were not made. The bank/finance company reposses the machinery and sells it at the best price they can get to recoup their loan. I fail to see how this is unethical.Surely this is another area where government need to intervene and reel in the banks for seriously unethical behavouir.
Goodness. Thanks for the correction. I understood it was unconstitutional to take the family home where children were living there, but I guess with all the cases for repossession based on mortgage arrears before the family court, it does look as if it isn't (not doubting your legal experience, mf, just shocked that this is the case).Yoganmahews comment on the family home is just wrong: in these hard times, lots of chickens are coming home to roost and people who overextended themselves or find themselves in financial difficulties have to face up to hard facts. Family homes are assets - thats all - they can and will be taken to pay off debt. Be under no illusion in that regard.
mf
No apologies necessary (to me anyway) - like taxes and death, a certain amount of bluntness is called for. As you say, it is bandied about and taken as face value that the family home is sacrosanct. That it is not the case will come as a shock to many people and should be known more widely.Hi yoganmahew
I'm sorry if I sound(ed) harsh but its just one of those urban myths that "they" (banks, creditors etc.,) cannot take your family home. Like unmarried people regarding themselves as "common law" spouses and assuming that they have certain entitlements, its based on nothing.
Can they still seize private assets when a limited company goes broke?
I have read the mf1's post, but just looking for clarification as it's a long time since I did Business Studies in the Inter!
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