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QLD Commercial Law - Controller Pursuing Me to Bankrupt Me?

Discussion in 'Commercial Law Forum' started by Ajay101, 5 September 2016.

  1. Ajay101

    Ajay101 Member

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    Can anyone provide some answers?

    I was a director of a company and a guarantor for a loan that went into default in 2008. The mortgagee took position off the property in 2009, held onto the property and did not proceed with Sale. In 2012, the mortgagee itself went into liquidation. The receivers appointed to the mortgagee appointed a controller to the company to exercise mortgagee in positions right.

    They sold the property in 2 stages and finally released the company's control in 2016. The company is being deregistered by ASIC.

    The controller tells me they will be pursuing me to bankrupt me as the guarantor. We are now at the end of 2016 almost. The original mortgage went into default in 2008. The money they got for the property is the same as what they would have got in 2009 had they exercised their rights and some duty of care.

    Is this even possible after such a long time under Commercial Law? If so, do I have any defence against it?
     
  2. Rod

    Rod Well-Known Member

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    Has the controller made any demands in writing?
    If so, what is he claiming?
     
  3. Ajay101

    Ajay101 Member

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    Nothing yet, just said on the phone that it's there policy to bankrupt people..
     
  4. Rod

    Rod Well-Known Member

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    Wait till something arrives in writing. There is no point speculating about what he may or may not do.
     

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