Section 395 Companies House/Companies Assets?

[missmooch]

Hi

I am hoping there is someone out there that can help, as I am owed a substantial amount of money by a company that is refusing to pay,

Can anyone explain to me, in simple terms (!), the requirement of a 395 form to be lodged at Companies House? The company that owes me money has 2 legal charges, 1 is by way of a legal mortgage, that names a residential address, the other is a debenture. All liablilites are to RBS. I just want to understand their set up.

Also how can I check on whether a comany has any assets as at today?

Any advice really would be much appreciated. I am at desperation point

Many thanks

Miss Mooch

[Mitch_K]

It basically means that whoever has the charge on the assets in question will have first dibs on them in the event of liquidation, if the asset is sold RBS are first in line (It's like your mortgage)
There's no way of checking the assets owned by a company apart from accounts at Co House - which will be months (at least) old.

I'd suggest a chat with your solicitor I'm afraid

[missmooch]

Thanks for your kind reply Mitch_K.

Would I be correct in assuming, based on your reply, that they must have fairly substantial assets, due to 1) involving using a residential home as collatoral, and 2) for the RBS to be interested in them in the first place, then to offer a debenture loan?

[Mitch_K]

To be honest (and I'm certainly no expert) I'd suggest it's exactly the opposite; If the company had substantial assets, they would be using them as collatoral, rather than what is, presumably, a director's home - would you put your house on the line without good reason? One of the reasons people incorporate a limited company is to prevent personal assets being at risk. And regarding the debenture, I'd suggest that it's not just a 'loan' because the bank consider it risky.

I'm afraid, from what I can see, it doesn't look good, professional advice would be my next step, which then, unfortunately, probably means cost and therefore exposes you further.

I'm sorry I can't offer you anything more hopeful, I'd be delighted if someone posts subsequently and proves me wrong.

Good luck

Mitch

[GRD Credit]

When you say they are refusing to pay can you be more specific. Are they disputing the debt, saying they cannot afford it or .......?

If you would like to PM me the name and an idea of value and age I am more than happy to do a few quick checks and suggest the best course of action