Loan From Director

by G Thomas

Hello, I needed a small loan for my business and went to my bank who refused to loan the business any money.

So I had some savings which I loaned the company. I called it a loan from director.

Unfortunately after a couple of years the company went bust (it had been trading for 11 years) but during the two years I had managed to pay back 75% of the loan to myself.

The government receiver put my case over to a private receiver and now they are claiming I owe the money I lent the company. Its £50,000 - I haven't had a job since my business went bust so I haven't got that kind of money anymore.

I tried to explain that the money loaned was from my own savings and it was a repayment of a loan but they want this money to pay the creditors. One of the creditors on the list is the fee for this private receiver.

I don't know what to do?

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