Shortly after being called in the HSBC referred the £20k debt to METROPOLITAN DEBT COLLECTION AGENCY. The letters and phone calls started during late December 2004 and early January 2005. There is no information regarding the Beaven's, but the Wright's experienced harrassing calls and letters demanding the full amount is paid or court action will follow.
During the summer of 2005, the Wright's saught legal advice and also visited the CAB. The concensus for managing the new debt that Andy Wright had liability for was that he should go personally bankrupt and by doing this, it would limit his liabilities for the £20k business loan, overdraft and impending court actions.
Resigned to never recovering TMAC property (which could be sold off to pay the outstanding debts) and also resigned that actual payment of the money was out of the question because he was the only earner in their household and there just was no spare cash, he chose to follow the CAB's advice.
On the 27th January 2006 Andy Wright attended the Bath County Court and was declared personally bankrupt. During the discussions with the Official Receiver he was asked about the reasons for the bankruptcy, and the events leading up to it.
Mention was made about the Beaven's take over of the business, non payment of the loan, non-payment of the rent, the forfeit of the lease, the payment of the back rent and the subsequent new lease, the fact that MARTIAL ARTS LEISURE UK LTD has acquired all of the equipment, stock and assets belonging to TMAC, the fact that the Beaven's installed a "shop", and made structural changes within the interior, the fact that as of 25th February 2006 (Two years and 12 days later) they are still in business and allegedly have 1,000 members (although this fact has yet to be proven).
The Official Receiver said, when asked what will they do about investigating possible fraudulent trading: "while the other business is still not liquidated and they are doing what ever they should, there's very little we can do". When asked about the Official Receivers' powers: "we have plenty of power but at the moment we have no cause to investigate".
During the summer of 2005, the Wright's saught legal advice and also visited the CAB. The concensus for managing the new debt that Andy Wright had liability for was that he should go personally bankrupt and by doing this, it would limit his liabilities for the £20k business loan, overdraft and impending court actions.
Resigned to never recovering TMAC property (which could be sold off to pay the outstanding debts) and also resigned that actual payment of the money was out of the question because he was the only earner in their household and there just was no spare cash, he chose to follow the CAB's advice.
On the 27th January 2006 Andy Wright attended the Bath County Court and was declared personally bankrupt. During the discussions with the Official Receiver he was asked about the reasons for the bankruptcy, and the events leading up to it.
Mention was made about the Beaven's take over of the business, non payment of the loan, non-payment of the rent, the forfeit of the lease, the payment of the back rent and the subsequent new lease, the fact that MARTIAL ARTS LEISURE UK LTD has acquired all of the equipment, stock and assets belonging to TMAC, the fact that the Beaven's installed a "shop", and made structural changes within the interior, the fact that as of 25th February 2006 (Two years and 12 days later) they are still in business and allegedly have 1,000 members (although this fact has yet to be proven).
The Official Receiver said, when asked what will they do about investigating possible fraudulent trading: "while the other business is still not liquidated and they are doing what ever they should, there's very little we can do". When asked about the Official Receivers' powers: "we have plenty of power but at the moment we have no cause to investigate".
Debt Collection Agency....2004, 2005
The Martial Arts Centre Ltd
The Sad Demise of....
