screwed by inlaws over bankruptcy

natkingcole666

hi all

wondered if u can help me. let me start at the begining. bare with me its a tale and a half.

around 12 months ago i went into business with my inlaws. they already had the business and were moving into a premesies. asked me to invest. i put in 10k. buying equipment vehicles etc. after 6 months i had seen no return. i asked to see the books. they refused. then my partner fell pregnant. so i asked them if i could get out of the businees as i needed the cash for new baby. they said fine and agreed to buy me out.
after a while they had made no attempt to repay me anything. so we fell out some what. they agreed to start paying me 100 a month. this continued for a while. then i found out the business was no longer opening which i found strange. any way we went away on holiday and came back to find the shop still closed. 2 weeks ago i discovered they had gone bankrupt. and sold all the equipment that i had bought whilst we were on holiday. ( i have receipts). they sold all the equipment prior to the bankruptcy going through. he changed the vehicles owner. the vehicle that i bought. i have located my equipment at a local auctioneers. i went to see them but they said tough we bought it. i went to see my father inlaw and he said i gambled and lost. is this the case? i am out of pocket 7500 and dont know if or how i will ever get it back. i dont know who to ask for help so i thought here was as a good start.

i am meeting tomorrow with the insolvency company that dealt with his case.
what should my next step be? police? as surely he technically sold my belongings without my permission.

skylight

Was it a partnership? Then anything bought for the business is both of yours despite who bought it and either of you can do anything with it. Although technically they are supposed to split the money recieved from the sale as per the partnership agreement.

The car - where is it? You bought it for your sole use and you have the receipt/proof and its all in your name etc?

How is your partner over this?? How is she? (Assuming you are a he!)

natkingcole666

it was a partnership of sorts but stupidly family dont need paperwork. the car is on his his drive. i work full time and did not work directly at the shop it was meant to make me money. the car well van was in his name but i have recipt for it as i bought it. is it not illegal to transfer assets b4 a bankruptcy. i just fell he has screwed us all. my partner is ok but it was her money to she is as mad as me.
if he had been upfront from the begining about struggling etc i sont think we would be in this mess now.

skylight

So. There was never any paperwork, nor any signing of any description between any of you over a "partnership"? No emails/letters etc mentioning partnership?

I fear that your problem could get far worse if there are lots of business debts. Partnerships are not limited companies - so the liability to business debts become personal and as a partner you are liable too. Could you claim the £10k was a loan? It wont help you get anything back but you could claim to be a creditor rather than a partner. Be really careful here though and I would recommend proper legal advice.

The car - personally (and this is not a reccommendation!) If the car was purchased by me, for me and he had little use of it, and I still have the named proof I bought it and its that he has recently changed the V5 log book from my name to his, - I would simply take it back. It's mine. A V5 does not prove ownership of a vehicle, but as I have the named receipt I would just take it back and correct the logbook. Then sell the damn thing fast (always keeping the named reciept in a very safe place!)

Your chances of getting any money back is small. Very small. If my in-laws had done this to me, they would be dis-owned in-laws.

natkingcole666

i was named as as debt on the bankruptcy? what does that mean ?
it was listed as personal loan.
and no definately no letters etc. i was taken off the lease agreement. he trys to tell me i just walked away. but i didnt i left casue they said they would buy me out. it was all verbal agreements. as it was 'family' .
they are dis owned inlaws now. not easy as above mentioned baby arrived on the 27th.
he did use the van more than me as he delivered in it. but i bought it off ebay. i have the feedback on my account and the invoice sent via ebay. i bought all the equipment he sold. i have proof of purchase for all of it. i have no idea who is the registered keeper of it is now. but i know that van and his own car are still parked on his driveway.
there were 4 partners the inlaws me and my mrs. the lease was signed but i was removed.

I am so angry. i am between a rock and a hard place .

JCS1

Sounds like he's listed you as a creditor on his BR paperwork.

Take as much paperwork as you can to the OR (take copies, or ask them to).

natkingcole666

and what is the best possible outcome of me doing that?
would i get my money back as everything has gone and been sold?

JCS1

natkingcole666 wrote: »

and what is the best possible outcome of me doing that?
would i get my money back as everything has gone and been sold?

It's difficult to say without knowing their full financial history.

But, the OR is likely to investigate more fully with your information, and may consider a BRO/BRU (a court order or undertaking that extends the restrictions of BR for 2-15 years).

now

natkingcole666 wrote: »

and what is the best possible outcome of me doing that?
would i get my money back as everything has gone and been sold?

First let me say I am so sorry you have landed uo in this mess, it is people like your in laws who give the whole BR yjing a bad name. The OR needs to be informed about all the trans actions listed in your posts as they will not like the fact they have dispossed of assets prior to going BR, they could make an order to restore the assets if they find they have been sold or transfered for less then they are worth, also I would inform the police as I see it it is stealing so they could be prosecuted for fraud. People like this should be locked up and made to pay back all the money they owe for being dishonest:mad:

silvercar

You need to tread carefully. It seems that at the moment you are listed as a creditor ie you are one of the people to whom the bankrupt owes money. What you don't want to do is turn things round so that you are liable for the debts of the trading partnership.

Do the out-laws have assets? Any property? What is the car worth?

RAS

Absolutely, you do not want to find that you are laible for the debts of a partnership. Please do not use that word when talking to anyone else.

If your FIl has listed you as a debtor and given it as a personal loan, keep it that way.