Hidden assets suspicion.

Mgman1965

Colleague at work is owed a largish sum of money by a private individual. He eventually took the individual to court.

Then sent the bailiffs/debt collectors round but they said he had no viable assets or cash to pay, but my colleague knows differently from when he dealt with him, so suspects he's hidden them (money and goods) as his nice car has vanished and he drives his sons which they said they couldn't sieze.

He doesn't rent his house so could he be forced into bankruptcy by my friend who just wants his money.

jonesMUFCforever

Why not ask your ''friend'' to come on here and ask - we will get more pertinent information but if the bailiffs have failed to get any money from him then he could be stuck.

Mgman1965

jonesMUFCforever wrote: »

Why not ask your ''friend'' to come on here and ask - we will get more pertinent information but if the bailiffs have failed to get any money from him then he could be stuck.

Because he isn't registered, and doesn't like the internet overly as he isn't tech savvy, and at his age (his words) has no desire to be.

So I offered to help him as I am. If it was me I'd say.

Wyndham

Mgman1965 wrote: »

Because he isn't registered, and doesn't like the internet overly as he isn't tech savvy, and at his age (his words) has no desire to be.

So I offered to help him as I am. If it was me I'd say.

OK, let's go with that. Exactly what proof does your friend have that the bailiffs didn't know about?

Thrugelmir

Mgman1965 wrote: »

as his nice car has vanished

Perhaps he didn't own it.

jonesMUFCforever

Thrugelmir wrote: »

Perhaps he didn't own it.

Indeed could have been repossessed?

Superscrooge

Is your friend not able to pass on any evidence to the bailiffs/debt collectors that might assist them?

Mgman1965

He says he was always flash with the cash, and only bought the best.

Had flash car which has not been seen recently and liked latest electronics, laptops, Tv's, game consoles which no longer seem to be present in the house.

He's self employed and was never adverse to taking cash for a discount.

Do you get warning that bailiffs are coming giving you time to spirit stuff away to friend/storage etc ?

If I he threat of bankruptcy doesn't work and he's made bankrupt (if he can be) how thorough is the OR about assets and the finding of them ?

Edit.
The car was about 5 yrs old and had from new but still worth good money so assume any finance was paid off.

Mgman1965

Superscrooge wrote: »

Is your friend not able to pass on any evidence to the bailiffs/debt collectors that might assist them?

Only what he's seen in the house before and what he was like.

DCFC79

If your given a warning bailiffs are coming it would defeat the purpose of sending bailiffs.

Well the OR would need some good skills to locate the goods if the 1 who owes the money isnt forthcoming with the information.

patman99

Op, your friend has other options besides the bailiffs.
He could make the debtor bankrupt, but if the debtor has hidden his assests then your friend may never get his money back.
He could also go for an attachment of earnings (I believe that HMRC deal with this through his taxes, but could be wrong).

He could also have a charge made against the property that the debtor owns. When the debtor sells, he will have to settle the debt. Your friend might actually be able to force the sale of the house if the debt is large-enough (but be aware that Court fees start to mount).