advice - someone owes my family money

Merlinexcalibur

I will be a bit more literal this time ... echoing MMCA's image:



To the wrongdoers BTW.

fiveyearplan

erewyn wrote: »

i don't know what this means, but its not our fault that we have had to sue this person, they are the ones that have done wrong..

I think Max means that going through the normal channels (such as court) won't get you very far which is why he posted a picture of a bat (or is it an oar?) for you to take to the person. Of course that is Max's sense of humour - we let him out occasionally.

zzzLazyDaisy

The simple fact is that, if a person goes bankrupt, there are usually lots of other debts. The person who petitions for bankruptcy does not take priority. The first person to be paid is the OR. Then debts to priority creditors such as the inland revenue come next. The chances of the petitioning creditor actually getting their money is usually something less than zero.

But presumably you took legal advice and were aware of this before you lodged the petition?

fiveyearplan

The Inland Revenue don't get priority over other creditors.

erewyn

thanks for the bat and guns
i think after 3 years of solicitors, surveyor reports, and courts, i am open to ALL suggestions

what really shocked me is that i rang the IP up today to find out they did not know he owned a business!! he maybe told them he just worked there!!!

we know he owns it as he removed kitchen/cooking equipment from our business, made a sign with our shop name & tel, and moved 3 doors down!!!

so this is a breach right? lying to the IP, what is the penalty??

fiveyearplan

The penalty would be a BRO - bankruptcy restriction order and to be honest wouldn't help you financially.

For your peace of mind it would be better to just put it behind you and move on. You'll kill yourself with stress otherwise. It must be impacting on your health.

erewyn

fiveyearplan wrote: »

The insolvency service will do normal checks and if any alarm bells ring then they will delve deeper. I think you leave it to the insolvency service to do their investigation, only if you have some factual based evidence should you report it (this of course is my opinion). Did you not have a deposit? How bad is the state of the property?

we are talking damage/loss in value of property £70k upwards!

the BR is the last step we can take, otherwise it would have been soul-distroying to fight for 3 yrs for nothing, just to walk away, take the loss..

once this is over, it will be a huge relief, every step we have had to push to try and get some response,..

thanks for the help here tonight tho!

geoffky

If the other person has nothing to hide they have nothing to fear have they? erewyn keep on digging..

Merry_Gentry

I think the main problem you have is that you have no actual proof. You don't know the ins and outs of their financial dealings, only what they have done to you. Without this proof, there is little you can do which I think is why the advice is to walk away and let the Insolvency Practioner do their job.

The Insolvency Practioner will examine things thoroughly, and I think you need to have faith that this person will be dealt with accordingly. I assume by the fact that you petitioned for bankruptcy that you had little success with the court proceedings?

maxmycardagain

fiveyearplan wrote: »

The Inland Revenue don't get priority over other creditors.

HMRC (thats VAT and tax) always get first dibs on any assets, then the IPs, then creditors...