QLD Sale of Assets to Pay Company Debts?

Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now

nic3113

Active Member
21 February 2017
10
0
31
I am in desperate of some help. My Ex husband had a company of which he was director of. During our marriage. I became a secretary to enable him to borrow more money. He had an overdraft ( 100 k ) that was secured against our property and he would buy trucks to work on road construction. During hard times, one of the trucks was repossessed, on this loan It was necessary for me to sign as a guarantor.

Whilst still together as husband and wife, he had arranged with the collection company to make small repayments of 130 a week, these came from the overdraft account under the company.

When we separated, he took me off as secretary with out my knowledge and I offered him my 50 per cent share for 1 dollar. Of which he has not paid for or had me sign anything in regard to it. He did deposit a dollar into the company overdraft I imagine he believes that was the way to do it, so as far as he is concerned I have no share in the company.

About a year ago the collection company wrote a letter of demand for half of the amount owing on the truck loan. They were under the impression that the company was insolvent, I explained to them that he was still trading, that he took all the company assets and it was a company debt and should be paid by the company. He had paid his half and advised them to follow up with me for the rest.

When the family house sold as part of the settlement, I was required to pay 50 k to close the overdraft account as he also had to pay 50 from his share of the house. However the bank failed to actually close this account, it is still in both our names and he has now spent 52 thousand of it. I went into the bank before Christmas and advised the business manager at the bank that the account was not closed during the house settlement and that my ex was still using it. He had only put 20k on it by that stage. They promised me they would close it, and that I would not be liable for any of it. This has still not happened.

So to summarise, I am being pursued for a company debt, whilst he racks up more and more debt in both our names. He has declared an income of 19k for the year, whilst he claims his payment of the debts as loans to the company he has the privilege of using that overdraft as his own money tree for holidays and to add salt to the wound I am paying him child support for the very small amount of time he has our children.

So my questions are:
1. Who do I talk to about the debt? - An accountant or solicitor?
2. Can I force the sale of assets that the company own to pay the debt. There is a lot of stuff.
3. The overdraft i mention above is one of two he currently uses. it seems to me he is just going to keep piling up the debt, will this affect me, due to the bungled share purchase i mention above.

I really appreciate the help this site has given me. Thanks in advance for your help.
 

Alert

Well-Known Member
7 June 2019
243
17
654
What a mess you are in.
I would see a solicitor who specifically specialises in debt recovery.

Don’t rely on the bank telling you they will close the account, if the account is being used and the bank is making money from your ex, I can guarantee they will not close the account.
I would get on to this ASAP, you just don’t know what is going on behind your back.
Sounds very shifty.
Good luck.
 

Alert

Well-Known Member
7 June 2019
243
17
654
I am in desperate of some help. My Ex husband had a company of which he was director of. During our marriage. I became a secretary to enable him to borrow more money. He had an overdraft ( 100 k ) that was secured against our property and he would buy trucks to work on road construction. During hard times, one of the trucks was repossessed, on this loan It was necessary for me to sign as a guarantor.

Whilst still together as husband and wife, he had arranged with the collection company to make small repayments of 130 a week, these came from the overdraft account under the company.

When we separated, he took me off as secretary with out my knowledge and I offered him my 50 per cent share for 1 dollar. Of which he has not paid for or had me sign anything in regard to it. He did deposit a dollar into the company overdraft I imagine he believes that was the way to do it, so as far as he is concerned I have no share in the company.

About a year ago the collection company wrote a letter of demand for half of the amount owing on the truck loan. They were under the impression that the company was insolvent, I explained to them that he was still trading, that he took all the company assets and it was a company debt and should be paid by the company. He had paid his half and advised them to follow up with me for the rest.

When the family house sold as part of the settlement, I was required to pay 50 k to close the overdraft account as he also had to pay 50 from his share of the house. However the bank failed to actually close this account, it is still in both our names and he has now spent 52 thousand of it. I went into the bank before Christmas and advised the business manager at the bank that the account was not closed during the house settlement and that my ex was still using it. He had only put 20k on it by that stage. They promised me they would close it, and that I would not be liable for any of it. This has still not happened.

So to summarise, I am being pursued for a company debt, whilst he racks up more and more debt in both our names. He has declared an income of 19k for the year, whilst he claims his payment of the debts as loans to the company he has the privilege of using that overdraft as his own money tree for holidays and to add salt to the wound I am paying him child support for the very small amount of time he has our children.

So my questions are:
1. Who do I talk to about the debt? - An accountant or solicitor?
2. Can I force the sale of assets that the company own to pay the debt. There is a lot of stuff.
3. The overdraft i mention above is one of two he currently uses. it seems to me he is just going to keep piling up the debt, will this affect me, due to the bungled share purchase i mention above.

I really appreciate the help this site has given me. Thanks in advance for your help.
His debt will have major consequences for you. I will explain, I was in a similar situation, this was a joint account. The money was being used as play money by the ex. Then I found out the x had applied for a card without my signature or knowledge to use the money, when we were together I will mention.
I found this out when I received a letter from the bank telling me $70,000 was owed on this JOINT ACC, we were not together when I received the letter.
I refused to pay this, so the bank sold the house, I didn’t care about the house as we were separated anyhow. Because of this my credit rating was 0000000.
 
19 June 2019
2
0
1
His debt will have major consequences for you. I will explain, I was in a similar situation, this was a joint account. The money was being used as play money by the ex. Then I found out the x had applied for a card without my signature or knowledge to use the money, when we were together I will mention.
I found this out when I received a letter from the bank telling me $70,000 was owed on this JOINT ACC, we were not together when I received the letter.
I refused to pay this, so the bank sold the house, I didn’t care about the house as we were separated anyhow. Because of this my credit rating was 0000000.
Great information!Thank you!