Doc Holliday Posted November 21, 2017 Report Share Posted November 21, 2017 I have a bit of a strange situation and would appreciate anyone who is able to give advice on the following. I have come across a small plot of land that is/was owned by a limited company. It's not very big and no way big enough to put a house on, although I would like to try and get it for my office. The company went in to compulsory liquidation in 2002 but for some reason the plot of land was never realised. The complication comes because the person who owned the company think they still own the land, which they clearly don't, and is a friend. I've just done some digging this morning and, so far, come up with three ways I can deal with this. I can re-start a business with the old limited company name and claim the land (which wouldn't go down too well with my friend). I can tell the official receiver they have an unrealised asset and offer them something for it (although it will most likely end up going to auction) I could tell my friend what my plans are and hope he doesn't take it personally or try and beat me to it. Bit of a pickle but any help would be most gratefully received. Possibly even a decent drink if anyone can help me realise this. Quote Link to comment Share on other sites More sharing options...
daveboy Posted November 21, 2017 Report Share Posted November 21, 2017 With option 1 and 3 do you have the risk of the official receiver claiming it back after you have spent money attempting to get it ? Quote Link to comment Share on other sites More sharing options...
RockySpears Posted November 21, 2017 Report Share Posted November 21, 2017 Option 2. may not be bad, would it be of use to anyone else? Does it attach to property of yours? Does it attach to the old business? Is it even Freehold? Is it accessible from public highway? Land not accessible except by another property is not usually considered of any value, except to the surrounding properties. Have you checked with land registry to actually ascertain ownership? Last time I did this, earlier this year it was £3.00 Yours, RS Quote Link to comment Share on other sites More sharing options...
Wb123 Posted November 21, 2017 Report Share Posted November 21, 2017 The first thing to work out is the value of the friendship, then consider 1,2, or 3. Quote Link to comment Share on other sites More sharing options...
scobydog Posted November 21, 2017 Report Share Posted November 21, 2017 1 hour ago, Wb123 said: The first thing to work out is the value of the friendship, then consider 1,2, or 3. +1 Also is there a possibility your friends partner/wife purchased it from the receivers at the time he went under, always a chance they could have done, best way is to do as above and contact the Land Registry, a couple of quid spent now is better than losing a mate in the future. If he does own it why not make a cheeky offer on it ? you never know your luck, if the official receiver finds out he will just get a valuation from an estate agent and ask them to sell it or auction it off, seen it done many times and you'll be surprised what some people will pay for a bit of dirt that is seemingly useless to anyone. Good luck sorting it out. S Quote Link to comment Share on other sites More sharing options...
stumfelter Posted November 21, 2017 Report Share Posted November 21, 2017 Seems a strange way to treat a "friend". Quote Link to comment Share on other sites More sharing options...
12gauge82 Posted November 21, 2017 Report Share Posted November 21, 2017 The fact your considering any of those options makes you not much of a friend in my opinion. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted November 21, 2017 Report Share Posted November 21, 2017 Consider it like this, what if the OP asks his friend to buy the land, hands over some money for it and then some receiver comes forward and says the land doesn’t even belong to the OPs friend as he defaulted on his debts and it should have been declared by the friend when he went under. I wonder if the friend would be as quick to hand back the OP his money? To me it sounds similar to someone defaulting on their car payment, then trying to sell it to someone before the bailiffs turn up and take it away. How can you sell something that doesn’t even belong to you? Quote Link to comment Share on other sites More sharing options...
Doc Holliday Posted November 21, 2017 Author Report Share Posted November 21, 2017 (edited) Some interesting replies guys. Thank you. For the record, the land is still in the company's name. I checked with LR and purchased title docs, etc. As for my 'friend', he has said to me previously not to contact the receiver as he wants to figure out a way to get it back and then sell it to me so I think that answers where I stand on how I treat him. There is no wife or third party he has sold it to. The land is adjacent to a highway and access would be unrestricted from said highway. There was a building on it previously which was demolished shortly after it was purchased so I don't think planning would be too much of an issue, even though it was an old prefab kind of structure. Edited November 21, 2017 by Doc Holliday Additional info Quote Link to comment Share on other sites More sharing options...
SxS Posted November 21, 2017 Report Share Posted November 21, 2017 Has the company been dissolved (check on Companies House)? If it has, which I am assuming is the case given your suggestion to start another company with the same name, then any remaining assets will be the property of the Crown. It is possible for the assets to sometimes be claimed/bought after dissolution - https://www.gov.uk/claiming-money-or-property-from-dissolved-company - but I don't think I'd risk trying to obtain them through anything less than honest means. Quote Link to comment Share on other sites More sharing options...
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