We're being sued and are VERY scared - please help and advise

tom_and_barbara_good

I won't go into details but it's extremely likely that my husband is going to be sued over a business matter (not insured/ no professional indemnity). This will also have a knock on effect of putting him out of business too.

We are less than 12 months off paying our mortage and have very stiff credit card debts - what is the likely outcome?

get_me_out

Sorry I can't advise, but someone will be along shortly who can. Just didn't want you thinking you are alone.

philnicandamy

you need to get some legal advice fast....have you spoken to business debtline? (links in my sig below)

skylight

You have only given scant information here, and in these circumstances I don't blame you! But with so many ifs, we cannot really offer an opinion. As phil says, you need to speak to business debtline asap and have a full and frank conversation with them.

Whatever the outcome, I wish you well.

And has your OH taken legal advice on the possible suing?

tom_and_barbara_good

Thank you for the kind words - it means a lot.

We haven't had chance to get legal advice yet, it was only yesterday evening when OH realised that he has probably misadvised a client and therefore is expecting the worst.

If it transpires that the advice given by my OH was wrong and the client sues (or seeks recompense) then will this be a debt that we can bundle with the credit cards and go to CCCS with?

I've been reading up on IVAs that would seem to be the best way to protect a lot of the value of the house (there is probably just over 100K in equity in it) but could the aggrieved party (it's a private individual) force a bankruptcy?

tyllwyd

Is your OH trading as a sole trader, or a limited company, or something else?

tom_and_barbara_good

He's a sole trader

tom_and_barbara_good

Incisor wrote: »

Has the client realised yet? Is there any action which can be taken to protect the client from loss or worse loss? Obviously, yes or no only - DON'T go into detail.




It really depends on the extent of losses and culpability - does the client also bear responsibility for some part of the losses. If he does, then you may be able to fend some of it off.

He's not got his head around quite what the 'fault' amounts to in real terms yet, the client doesn't know yet


No, I'm afraid it's not something that we can share with the client

tom_and_barbara_good

Sorry, the loss suffered by the client is likely (being cagey here as I know you understand) to be sort of, 'loss of opportunity' on a one-off basis.