jjasper
Member Since: 07 Jan 2010
Location: Northumberland
Posts: 34
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Executive Valeter wrote:athelstan wrote:Executive Valeter wrote:Junior wrote:Have you settled the debt with the Landlord? otherwise setting aside the judgement would be futile.
No. Have no means to be able to do it, plus my ex-business partner needs to sort his side of it & it was he that messed things up.
EV
If you have, I quote: "no means" to settle the debt then my advice is not to undertake any new financial commitments of any nature until this matter is resolved and you are sailing again in clear undisputed waters.
Your'e probably right if I were to be honest.
Athelstan is not probably right - he is definitely right. You really need to face the facts. That you were lied to by your business associate and his employees is irrelevant. You must focus on your liabilities as of now, which, if I understand the situation correctly, is that you are co-guarantor of a lease and the Landlord is suing for unpaid rent. Whereas your co-Director may have a moral obligation to pay all the rent due under the lease, the fact the business has failed would suggest it is unlikely the Landlord will recover anything from him so will look to you for the outstanding monies. You must not bury your head in the sand here. Have you: 1) terminated the lease or 2) tried to sublet or assign the lease? Otherwise the liability will be continuing.
I would urge you to take the advice offered by Athelstan and others, which is to reduce your outgoings and wake up to the fact that, if you have guaranteed the lease, the Landlord has a right to recover the unpaid rent from you. Personally, I'd advise you to try to sell the current Freelander and clear the existing debt.
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8th Feb 2011 12:03 pm |
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