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Enforcing a consent order

  • alijwood
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30 Aug 13 #405910 by alijwood
Topic started by alijwood
Could someone please give me some advice on a point of law for a situation which in my mind seems completely unjust. A year ago, my ex-partner and I signed a Consent Order and reached a settlement. In the order, our Limited Company was valued along with all other assets. There was a loan which was being paid by the company and charged back to both of our Directors'' Loan Accounts, which was always paid by the company and operated in this way. When the valuation of the company was made, this loan was included in it, and formed the basis of the percentage split of the settlement. A year later, my ex-partner, after clearing out old paperwork, discovered that I had signed for the loan in only my name, and subsequently stopped paying it.

In the Consent Order, my ex partner indemnified me against all liabilities of the limited company.

My question is; if I can prove that the loan was indeed used in the valuation of the company, can I enforce the Consent Order? The loan was for property renovations for an investment property, which, when sold the entire equity formed part of a deposit for the business premises; the equity being a credit on both of our Directors'' loan accounts, being reduced (equally) by the installments on the loan.

I am at the end of my tether with this, please help!

  • butterfly crossing
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04 Sep 13 #406297 by butterfly crossing
Reply from butterfly crossing
I am sure there is some wise wiki that can give you a definite answer, but I would presume, that he can not just stop, if it has been sealed by the court.

I would think he would have to prove that it wasn''t a joint business venture no matter who signed especially if the business allows just one signatory.

If he now wants to change it I would think he would have to go back and apply for a variation.

You could always ring the court too.

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