Name and address of petitioner

intowhere

Name and address of petitioner: what does this mean with regards to a notice placed in the Gazzette. I lent some money to my cousin who has stopped returning my calls. I did a google search on his name and it seems he has been declared bankrupt. In the notice it has


Whether Debtor's or Creditor's Petition—Creditor's
Then it has two people under 'Name and address of petitioner' both of these seems to be two different insolvency service / advisors. Are these the people I need to speak to to understand what is happeneing? Or would these people be working on behalf of my cousin i.e advising him of what he needs to do.

Years_of_debt

Just some quick questions, then can give you the best advice on what to do;

How much did you lend?
Was it a gurantor loan?
Did you get anything signed in writing?
When did you lend the money?
What is the amount to be repaid each month?

Thanks

intowhere

I lent £38k and he returned £10k and then £8k. £20k remains outstanding.
Not a gurantor loan.
Nothing signed in writing. We were very close.
Lent it in Nov 17. He said he would pay me back in 2 months. He paid the money in April and then in May, only after I started asking for it to be repaid. Since may he has stopped talking me and doesn't return calls. When I have spoken to him he says he has investment problems and that he is depressed / sad.

National_Debtline

Hi intowhere


A debtor is the person who owes money. A creditor is the person or company who the money is owed to. That means when it says the creditor petitioned, it was one of your cousin's creditors who made the application, not your cousin.


When you say the name and address of the petitioner appears to be two different insolvency service/advisers, do you mean an insolvency practitioner (IP)? If so, it may be that your cousin was in an IVA which failed, and the IP has applied for your cousin's bankruptcy.


Susie
@natdebtline

Years_of_debt

Unfortunately with nothing signed and it appears he went BR you’re not going to be able to get that money back. Unless he pays you cash in hand - which in insolvency is illegal.
Best to take a trip up to his house and get it sorted out. The courts won’t do anything because there’s no legal documents that he/she’s signed to agree to return the money & if they are now insolvent it makes it even more unlikely.
I hope you get your money back! But it seems unlikely without no legal agreement for them to return such money.

intowhere

Hi

Yes it's an insolvency practionary

I won't have a chance to get anything back even though there are bank records of me pay him and him returning some money back to me.

Years_of_debt

Nope,
Unless you have a contract you won’t get a penny back.
Never lend money to people without a written contract, a signature and possible a picture! It sounds daft, but the courts cant rule on “I lent it to him” “he didn’t lend it, it was a gift”.

No contract no payback.

sourcrates

Unfortunately for you, insolvency wipes out most debts.



They dont need to be listed, anything outstanding at the time of bankruptcy is included, there are certain exceptions such as court fines, tax debts etc, but it looks like your money has gone.

National_Debtline

intowhere wrote: »

Hi

Yes it's an insolvency practionary

I won't have a chance to get anything back even though there are bank records of me pay him and him returning some money back to me.

Hi again intowhere


You can make yourself known to the Insolvency Service as one of your cousin's creditors. There does not have to be a written agreement for you to be able to do this. If any money is recovered through the bankruptcy, for example through sale of assets or an IPA, you could be entitled to a share of this.


One issue that might arise is that your cousin paid you substantial amounts of money back in the months prior to being made bankrupt. This may be classed as preferential treatment of a creditor by your cousin, and could possibly lead to you being asked to repay that money back so it can be shared out fairly between all his creditors.


We don't know the full details at this stage so no need to panic, but you may wish to contact one of the free debt advice agencies to talk all of this through in more detail.


Best wishes


Susie
@natdebtline