advice please tricky situation , debt 6years c

eddie144

many thanks in advance but here is my situation

almost 6 years ago I was a partner in a business whic was set up as a partnership

my business partner commited a fraud on me

he jointly with the accountant set up another business duplicating my business and did runner leaving a lot of debt 140k at my business and taking all the monies coming in to set up their business.

they tried to say i had told the partner to sell the assets of the business and he had done so to the accountant for a nominal sum. This happened on the first of december 2001 almost 6 years ago and i was left with this debt

the business partner went bankrupt thereby avoiding the debt and paid 100 a moth for 12 months to cover this.

we now know his bankruptcy was false as he had transfered assets for nothing and surprise surprise the new company was owned by his fiance and the accountant.

this company, a ltd company, was a duplicate of mine and started working with my clients. the x business partner then " got a job as a manager with this company " he is no a director of a recruitment company along with my x accountant

i in august 2002 entered a voluntary arragement with the creditors but sadly it lapsed though i had paid over 7.5k into it but lot my job and could not make the payments. none of the debtors ever took me to court to bankrupt me

I took the x business partner and accountant and the new company the set up to court and after spending over 30k in a year had to represent myself and continue the court case which took almost 5 years. I won the case and got an award of £40k plus costs, a min of 15k agreed up front plus interest.
th 40k has to go to pay debtors an my initial investmnt into the company.. debtors first

they then did a runner and i have now found out were the business is located , its a recruitment business , and where they live.

my problems and tought are this
1. how can i recover the monies owed to me
2. when does the 140k owed EXPIRE if that is the right word is it 6 years from he default date and if so should i wait till then to recover the monies

How can i know when this default date is for all the debts

im not trying to be bad toward the debtors , big companies, rent utilities the revenue etc but ive spent almost 6 years on this and thousands of pounds with no elp rom any of tem and if i recover the money now just before the 6 year mark it will all go to the court and then to the to creditors , i think,who have written it off anyway

any clear advice would be greatfully received.

eddie144

help please anyone

eddie144

39 views and still no advice even a sorry to hear that might be nice

chevalier

Sorry you have not had any replies, but it is a bit tricky. If he owes you the money (ie the court judgement), and you have found him again, I would think that the last thing you should do is wait until 6 years if up. Because then he could say tough it is statute barred now because more than 6 years have passed since there was any written correspondence about the debt.

Have you thought about having a chat with your local business link, or trading standards or the court who issued the original judgement. I have a feeling that if it is a court judgement and he has not paid then that puts him in contempt of court. So they would be interested from that point of view. If he hasn't paid what the court said, then maybe the court bailiffs would get involved to go and get the debt?

But this is only what I THINK not what I know for a fact. So worth checking it out with the authorities
chev

Floss

Have you asked at the court where you were awarded the £40k? They may be able to enforce it if you have information about their location......do you think your ex-partner's company would mind having £40k of bailiff turn up?!

eddie144

thanks for that to add a few bits as i think i need to clarify some points which might help with anyone who can advise me

they stole the money / business almost 6 years on 31/nov
the business was left with debts what are now almost 6 years old or over 6 years old

i got a court judgment against them 1 and 1/2 years ago so i still have lots of time to recover this

my questions are ,

1. when do the debts against my old business cease to exist , the one they commited the fraud on,

2. if this is 6 years .... then i need to understand 6 years from when exactly and how i can find out this information

3. if the 6 years are up in december this year should i wait till then to collect as i will receive the monies which will repay me for at least part of my money spent to resolve this matter

4. how would i best pursue this as i have already appointed the sherrifs officers who went to their premies but they subsequently moved home and did a runner while still operating their business. i now know their home addresses and business address where this operates from but as a recruitment company there are not many assets its the bank account and future invoices i need to get hold of

5 how can i use the courts to help me

eddie144

hope that all helps

Adrasteia01

Sorry, I'm no expert but I remember reading that debts become statute barred after 6 yrs of not being acknowledged.. so the fact that you entered into an IVA may be seen as acknowledgment more recently.

As for your ex-business partner, they committed fraud, so there's no time limit on that (but you already took them to court I assume?). If it's just a matter of the court getting money from them to give to you, you would be best to pass their details on to the court.

Really, this money they have to give you is to pay your debts back - that's what you're getting it for in the first place, isn't it?

peb

I'm sorry but this is business debts and thus beyond the knowledge of most of us here. ALthough I have done some company law again I don't know enough to assist. With regard to getting your judgement enforced your local court will have a comprehensive booklet setting out the options; tbj probably means baliffs as an attachment of earnings etc is useless when dealing with a company. Any other option will probably mean more costs.

tigerfeet2006

Sorry to hear about your problems. Try Business Debtline they will offer you free impartial advise

http://www.bdl.org.uk/