directors-loan-account-recovery-manolete-partners£96k Directors Loan Account Recovery 

IP Firm: Doncaster Boutique Recovery Specialist

Type of Investment: Purchase of Claim

Start Date: December 2016

Completion Date: May 2017 (5 months)

While no formal Director Loan Account was disclosed in the accounts of the Company nor the s98 Report, the IP had done an excellent job reconstituting the accounts to show a DLA of £107k.

Manolete took an assignment of the claim against the Director and in pre-action correspondence, with the IP’s chosen solicitors, the Director did not dispute the DLA however he refused to make a satisfactory offer. Manolete issued a Statutory Demand and then petitioned for bankruptcy. The director’s house was eventually realised in the bankruptcy and a substantial recovery made.

This is the first of 4 cases with this IP Firm 

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