Credit Agreement Enforceable or Not
Hello
New on this forum and I have a question regarding a Consumer Credit Agreement. Here's the senario
Company A Limited start starts a finance company registering it at companies house and obtains a consumer credit license from the OFT, 2 years later Company A Ltd applies to companies house to have company B Limited added as a trading name. company A ltd also applies to OFT to have company B Ltd added to company A Ltd credit license. So both companies are now trading side by side for about 8 months.
Company B Ltd then applies to OFT to have company A Ltd removed from the credit license. 2 months after company A Ltd surrenders its credit license it excutes a credit agreement in company A ltd name (unlicensed trading). "Agreement unenforceable in Law"
Then 4 months further on company B ltd applies to companies house to change is name from company A Ltd to company B Ltd (Thus company A Ltd not longer exsists).
Company A ltd does not tranfer title of the debt to company B ltd (by either selling the debt or through a notice of assignment. Company A Ltd also fails to apply to the OFT for a validation order).
Now for the questions
1 can company B ltd manage the debt?
2 can Company B ltd apply to the OFT for a validation order?
approximatly 4years 6 months have passed since this mistake has occured.
Many Thanks
When can a Private Limited Company Start Trading
Can A Private Limited Company start trading before is name is registered at Companies House
A private limited compnay
A private limited compnay cannot start trading before it is properly incorporated as far as I am aware. The company does not "exist" before its incorporation date.
I am a Legal Advisor employed by Sarginsons Law and specialise in Civil Litigation matters. I deal with disputes between individuals and businesses including Landlord and Tenant issues, debt recovery and property disputes.
Telephone 02476 553181<
Thank You for your reply Gerard
Does this also apply on a company name change?
If company trades on a consumer credit license in its new company name but that company name is not registard at companies house until 8 months later would any agreements exicuted prior to the date of encorparation be uninforceable in law?
I'm afraid I don't know. You
I'm afraid I don't know.
You may wish to contact a solicitor who specialises in company law who may be able to assist you further. Most solicitors offer free initial consultations.
I am a Legal Advisor employed by Sarginsons Law and specialise in Civil Litigation matters. I deal with disputes between individuals and businesses including Landlord and Tenant issues, debt recovery and property disputes.
Telephone 02476 553181<