me and my old buisness partner signed as guarentors for a supplier, they recently got a ccj against both of us to secure payment. now ,mine goes into the iva no problems there but we requested that they set aside the ccj against the other person as the debt is been paid by the buisness that took over mine, they have refused this and are now setting about getting a charging order over the other guys property --can he contest this? or is there anything he can do
If the creditor apllied for a CCJ and it was granted with an order to pay forthwith the creditor can then apply for the CCJ to be registered against the property. It may be possible to contest this if the payments are being made but ultimately the charging order will only really give the creditor security until the debt is repaid. I cannot see them applying for possession or one being granted while the payments are continuing but if the new business defaults on the payments the creditor can then try and realise their security.
I agree with Michael. This has little impact if the debt is going to be paid off in any case, and if the judgement was undefended then the Court is unlikely to overturn it unless the debt is paid off in full.
