Debtor Threatening Bankruptcy If I Don't Accept Figure

Ben8282

From what has been said about this debtor I very much doubt that he would choose bankruptcy and believe this is just an idle threat to get you to accept the £6000 settlement figure.


You have never given any indication of just how this individual came to owe you £40 000. It is a rather large sum to have lent to a friend.

maximumme

Ben8282 wrote: »

You have never given any indication of just how this individual came to owe you £40 000. It is a rather large sum to have lent to a friend.

I've PM'd you Ben8282

patman99

If he has a business and earns a wage from this, then an attachment of earnings would have been another option.

I'd go with the SD followed by a BR petition as suggested by an earlier poster.

Don't forget that you can add on interest at 8% APR (pro rata for each completed month) as well, so if this has been going on for a period of years then the outstanding amount is £40k + £3.600 (approx.) for each completed year of outstanding balance (you can't add interest to the interest).

maximumme

I have a charge on a property with no mortgage. I have found out that the owner, who owes me £40,000, has put it up for auction. Can he legally sell it without my knowledge and pocket all of the money from the sale?

BrassicWoman

when a property is sold all charges have to be released to pass clear title to the buyer.

mcpitman

Marktheshark wrote: »

Here is what you do IMO.
He has shown you his weak hand.
£750 to get a £40k debt is reasonable.

You serve a statutory demand and if he wants to call your bluff then this is how you call him out.
Set it at court on day 14 and bankrupt him and force a property sale and you should get your £40k and £750 back for the SD.

I would say his threat, is based on what his solicitor has told him you could do to him and he instructed the solicitor to turn it round on you to head it off.

If he has no other charges on the property, then a registered charge gets paid first from the proceeds.

Wipe the grin from his face, Served statutory demand for £40,000, show him bankrupt all right.

This, very much this, take your debtor to the cleaners.

As others have said, offers you £6k, owes £40k but can afford to employ a solicitor. Tell em to ^%$£ :mad::mad:

magpiecottage

maximumme wrote: »

I have a charge on a property with no mortgage. I have found out that the owner, who owes me £40,000, has put it up for auction. Can he legally sell it without my knowledge and pocket all of the money from the sale?

Any solicitor or licensed conveyancer acting for a purchaser should immediately spot the charge on the Land Registry record and refuse to complete the sale without it being properly discharged.

At that point your debtor's conveyancer should contact you for a settlement figure. Make sure you include ALL costs you are entitled to charge for and that it is not discharged until you have cleared funds in your account.