Directors loan - Default - Moving forward

Discussion in 'Other/General Law Forum' started by Cameron1984, 24 January 2020.

  1. Cameron1984

    Cameron1984 Member

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    Hello,

    Sad story of loss however will provide cliff notes

    Basics
    1. Personal guarantee (Director Guarantee) to company (dumb) significant loan size
    2. Company went into Voluntary Admin
    3. Banks seized assets secured - left with significant loans that were defaulted unpaid
    4. Default expiry time ends September 2021

    Situation
    1. Currently back on feet, have 50% deposit for investment property (trying to start again)

    Question
    If i buy a investment property either 100% purchase or with partner could the bank with Defaulted loan seize this asset to recoup funds before the 5 year default period is over?
    I am keen to move on with life and rebuild but don't want to put the last 4 years of work at risk
     
  2. Rob Legat - SBPL

    LawTap Verified

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    Short answer: yes.

    You should get legal advice from a practitioner in your state who can assist you with structuring your affairs to protect the investment in the property.
     
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