property 1. pg was a liability for the company
property 2. was in my personnel name
Yes they made a formal demand before the properties were sold.
Both properties were put into receivership in Nov 2010, although worked stopped in Nov 2009. In between this time I was told I was not allowed to sell one of them unless it paid off both debts!
Property 2 was sold very quickly and we believe:
I believe the bank sold both properties without due care and relied on the shortfall coming from our PG’s and other assets, which ironically we sold to keep both projects running.
I hope this helps
Yes and we did as we had to sign it to release funds to complete. Although I thought what I signed covered both properties.
i.e if PG was for 500 and property 1 sold for 250 and property 2 sold for 250 then it didn’t matter that the debt was 600 because the PG was only for 500
Yes I have an experts email at the time of the properties being sold showing this.
Also I believe, especially for property 2, that if a valuation was done today asking a valuer what the valuation was then, then comparable evidence would certainly show higher values, as much as three times.
Property 2 was sold within weeks and to a neighbour.
I believe the bank needed to show money on their books as quickly as possible and therefore fire sold the properties.
Obviously they went through a receiver who then went through an agent but I still believe no care of duty was taken.
By the by the week property 1 had completed he got in three offers for more than one and half of what he paid. Actually he got offered what the value said it was worth!
i.e. he bought for 420 and he got offered over 600. My PG was only for 550 and the valuation email was between 580-620.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).