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Hi, I had a pty ltd company on which i would buy my stock…

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Hi, I had a...
Hi, I had a pty ltd company on which i would buy my stock from wholesalers. I've just been made bankrupt by a wholesaler which i signed a document, not reading it as they asked me a question "if i would be the person responsable for payment of account", i said yes and they said just please sign this. which latter understanding that i signed that i personally would be liable for all payments if the company could not pay. The bussiness ended up closing. They were notified that i'am unable to meet payments and wish to cancell the order 4months in advance. But in there clouse it stated that they have the right to take the garments back if unable to pay. Which they refussed and wrote a letter to them that they can have the stock back or make a payment option as i was going through financial difficulty. They have appointed a trustee as in the first meeting they gave me three options and stated that there fees would be around $10,000 if it's settled now or if in three years.
Submitted: 8 years ago.Category: Australia Law
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6/20/2010
Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 8 years ago
Brisbane-Lawyer
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Category: Australia Law
Satisfied Customers: 14,361
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Customer reply replied 8 years ago

Sorry my question is what are my rights. They've offered me three options 1. to pay the whole amount and all expenses and any other personal debts I have. 2. To pay estimated 10cent of the dollar to 30cents depending on what the party agree. 3. To sell my property to a family member as the value of my house is around $250,000 which was evaluated at the start of the year and my loan is $230,000. I had personal loans borrowed from family and paid back to them and now there wanting there details and wanting to retrive the money paid to them. Where do they stand as i don't need to bring them in my problem.The trustee had given me a rough estimation on what there costs would be in the first meeting stating $10,000 for there services if it's settled now or in three years and now there saying something else and there not admitting to what they said at the meeting. They are putting pressure on me. I've come up so far with an amount of $25,000 borrowed from family to pay debt but there fee's have come over $20,000 and my debt is in total is around $85,000. What option do i follow or do I just sell my property to family and go bankrupt.

Thank u elena

Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 8 years ago
What's the total value of the assets you personally have at present?
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Customer reply replied 8 years ago
my car worth 5,000 to sell. I have ny furniture and some of the stock from the wholesaler that is worth nothing. no other valuables
Solicitor: Brisbane-Lawyer, Solicitor - Admitted 2005 replied 8 years ago
In that case, I think personal bankruptcy is your best option, and much better than going deeper in debt on the loan made to you by a family member.

I realize that this answer may not be entirely to your liking, and I regret being the bearer of information that you really don’t want to hear. But it would be unfair to you and unprofessional of me if I were to provide you with anything less than truthful and honest information. As such, if my answer has been helpful or informative to you, even if it wasn't necessarily what you wanted to hear, please hit the Accept button.
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