Bit of advice please. Lent someone a fair few quid for their business, it was cash with no receipt, although it can all be proved. Now they're going bankrupt, would I be within my rights to go and get assets, eg. vans and machinery etc, to try and sell to claim back my money? Obviously all the assets are in the business name, so would I be able to sell the vans whilst the log books are in a different name to mine? The person wants to give me back the money but they have got F-all, so they have said get whatever I can, but then does this put them at risk for fraud/theft and me for theft?
Considering the implications if advice you'd heeded of here is incorrect. Unless someone is a lawyer/accountant. I'd say check with a professional. It ain't worth the risk.
Legally, you can't help yourself to the businesses assets. You can only reposses sanything which you sold them and they haven't paid for under the Sale Of Goods Act. Illegally, you can do what you like.
[quote="David.Watts"]Considering the implications if advice you'd heeded of here is incorrect. Unless someone is a lawyer/accountant. I'd say check with a professional. It ain't worth the risk.[/quote]
Yes, the wife is going to the accountants with them tomorrow, just worried it might be a bit late by then and they put a block on everything and seize the assets. Better to lose a few quid then lose and few quid and be in court!
Once he is declared bankrupt you will have no claims on any thing under the business name so can kiss the lot goodbye. You will have to put a claim in with the other creditors to the official receiver and it sounds like that there may be a few. They will work out how many pennies per pound owing you get. Check this out http://www.insolvency.gov.uk/guidancelea...orcreditors.htm You would be better getting any assets back before he actually gets made bankrupt through the courts as you will be committing a crime if you take any thing after. Trust me he will owe money all over the place and you need to be quick, very quick.
Grab what u can before he declares or you will be well down the line , recievers charges first then vat and tax first i believe then bank and any secured creditors then lonely you will get about 2 pence in the pound ,grab him and vans and all sorts get them to auction then let him go to the accountants
[quote="Baz"]Once he is declared bankrupt you will have no claims on any thing under the business name so can kiss the lot goodbye. You will have to put a claim in with the other creditors to the official receiver and it sounds like that there may be a few. They will work out how many pennies per pound owing you get. Check this out http://www.insolvency.gov.uk/guidancelea...orcreditors.htm You would be better getting any assets back before he actually gets made bankrupt through the courts as you will be committing a crime if you take any thing after. Trust me he will owe money all over the place and you need to be quick, very quick.[/quote] The best & only advice - was nearly stung in similar circumstances a few years back but went round and helped my self to equipment that covered what was owed to me.
A quickfire way to lose a mate, but i'd rather that than lose my cash!
"If you have friends like mine, raise your glasses. If you don't have friends like mine, raise your standards."
A quickfire way to lose a mate, but i'd rather that than lose my cash![/quote]
Is he a mate though borrowing money when he knew that you might not get it back? He is only a mate if he explained the full situation before taking your money IMO. I good close friend of mine had an experience of this and I was nearly stung as well. I fell out with him because I wouldn't lend him a few thousand and my other mate did. He got most of it back but took years and he also fell out with him. Got nothing back off the receivers though, some thing like 12p per pound.
any assets he still has that your money paid for snatch back by any means neccessary, when the legal people get involved you will get fuck all...if there was no written contract for what you lent him, you will bottom of the list big time, if he actually admits you are on the list at all...
[quote="LaDolceVita"]Bit of advice please. Lent someone a fair few quid for their business, it was cash with no receipt, although it can all be proved. Now they're going bankrupt, would I be within my rights to go and get assets, eg. vans and machinery etc, to try and sell to claim back my money? Obviously all the assets are in the business name, so would I be able to sell the vans whilst the log books are in a different name to mine? The person wants to give me back the money but they have got F-all, so they have said get whatever I can, but then does this put them at risk for fraud/theft and me for theft? [/quote]
I've got experiance of this I will pm you some details.
He must have an Official Receiver , they wouldnt have advised on him to give goods away....
Giving you goods? would get them in to trouble and fined as he would be in breach of the bancruptcy terms.
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Mon May 16, 2011 8:40 pm
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Good advice.
