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My Company has recently gone into administration. I was the…

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My Company has recently gone...
My Company has recently gone into administration.
I was the joint owner of the Company, 50/50.
We both had equal PG's on the machinery and still have now.
My partner started up again with his son doing something similar, using the same machinery after buying it back from the administrator.
What I need to know is :
The main machine will still have some equity in it when it is paid for in 3 years but none of that equity will be legally mine because I have no say in the new company as it is, even though I am acting as guarantee during those three years because of the PG's in my name which can't be removed until the debt is paid off.
Can I put in place a second charge on the equity on the machine incase the payments are defaulted on during those 3 years, I know my debt is going less whil'st the payments are being paid but because I don't own the machine anymore I feel wide open and powerless.
Submitted: 8 years ago.Category: UK Law
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Answered in 4 hours by:
6/29/2010
Solicitor: UK-Justice, Barrister replied 8 years ago
UK-Justice
UK-Justice, Barrister
Category: UK Law
Satisfied Customers: 16,193
Experience: Called to the Bar in 2007
Verified
The problem is this - you are paying the debt for the machinery under a PG.

The interest and title of the kit went to the administrator. He then sold this on to your ex. He now owns the interest and title of the machinery.

You owe the debt - but the title passed to the administrator.

I am sorry as I know this is not the answer you wanted, but based on what you have said I consider this to be your position.
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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).

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