inhibition to sequistration

creditcritter

one of my creditors gained an inhibition for a business debt can he also sequistrate me , they are calling me & writing using threatning tactics to get more money a month from me , i thought getting to the inhibition stage was proof of my relative insolvency & that their choice was inhibition or sequistration not both .

creditcritter

any advice ?

fiveyearplan

Hi CC. I don't know much about Scottish bankruptcy laws so I can't help but thought I'd bump this up in case someone else can. Have you tried to send a pm to coolcait?

creditcritter

surly somebody must have been in this position.

creditcritter

any body out there.

coolcait

Hiya creditcritter

I can understand that you're desperate for answers, and I'm sure that many people before you have been in your position. However, they may not post on this forum.

Business debts are something I don't know much about - even though I know a bit about Scottish bankruptcy laws. The same goes for other Scottish posters on here. Others from England, Wales and Northern Ireland might have knowledge of the business part, but not in a Scottish context.

I think the best advice anyone can give you would be to speak to one of the voluntary organisations who have a 'business' branch. Maybe National Debtline, for example?

Having an inhibition put on your property is not, as I understand it, proof of apparent insolvency (which you or your creditors would need to show in order to make you bankrupt). I've had a look at the Bankruptcy Scotland Act to check the definition of apparent insolvency, and 'inhibition' isn't in there.

Also, again as I understand it, a creditor who has already put on an inhibition before someone is sequestrated/made bankrupt does get a certain amount of preference when the money gets paid out to creditors.

So, I don't think it's as simple as a choice between inhibition or sequestration. I think you could be faced with both.

But, I really do think you need to speak to people who are more expert in these matters, because all of the foregoing is just my understanding.